The National Asset Management Agency has announced its final surplus transfer of €450m to the State and said its overall lifetime contribution had increased by €100m more than projected, to €5.6 billion.
NAMA today announced the substantial completion of its wind-down programme, paving the way for its formal dissolution next year, after legislation is enacted.
€875m of this €5.6 billion - €450m cash and property assets of €425m to Land Development Authority - was transferred during 2025.
The €5.6 billion figure also includes corporation tax payments of approximately €450m.
NAMA's chief executive Brendan McDonagh said today marked a landmark day for the agency.
"It signals the end of an unprecedented intervention by the State in response to an unprecedented banking and economic crisis," Mr McDonagh said.
"NAMA has been effective in helping to restore stability to Ireland's financial system and credit rating, and in generating a substantial surplus of €5.6 billion for the Exchequer," he said.
"Ultimately, I believe NAMA has achieved what it set out to achieve - a surplus, stability and creating solutions to the preventable problems created by the poor lending practices and poor regulation of the 2000s," he added.
NAMA Chairman Aidan Williams said that unlike other commercial entities, NAMA was designed with the intention that it would disappear on completion of its mandate.
"Over its lifetime, NAMA succeeded in its deleveraging programme while delivering a substantial surplus for the State, making a material contribution to the supply of much-needed new homes, and regenerating the Dublin Docklands as a better place to do business, work and live," he said.
"This successful outcome is down to the excellent collaboration not only between the people in the agency, but between the agency and its many external stakeholders. That collective effort will leave a tangible and lasting legacy," he added.
NAMA is expected to be dissolved in 2026 after the anticipated enactment of legislation that will give effect to the dissolution. At that point, NAMA will cease operations completely.
As previously announced, any remaining activities, comprising about €30m of a residual portfolio and around five active legal cases that involve outstanding litigation, will transfer to the proposed Resolution Unit within the National Treasury Management Agency.
NAMA was set up by the then government in 2009 to handle non-performing property loans after the financial crisis.
It bought loans, which had an original book value of about €70 billion for €30 billion, and the banks required capital from the State to cover the shortfall left on their balance sheets. NAMA then sold the loans.
Tánaiste and Minister for Finance Simon Harris today welcomed NAMA's final surplus transfer of €450m and the news that its overall lifetime contribution to the State has increased by a further €100m to €5.6 billion.
He said this represents the third transfer from NAMA to the State during 2025.
"In total, the agency has contributed €875m in 2025 alone, comprising today's €450m cash transfer and the earlier transfer of €425m in assets to the Land Development Agency," he said.
"The assets transferred include a significant social housing portfolio and two strategic sites which have the potential to deliver up to 4,500 new homes, making an important contribution to the delivery of much-needed housing supply by ensuring the land remains in State ownership," he added.
"These transfers, and the increase in NAMA's lifetime contribution to €5.6 billion, are a reflection of the commitment of NAMA's staff in executing their mandate over many years," Mr Harris said.
