The National Asset Management Agency (NAMA) has completed its final surplus transfer to the State, sending €450 million in cash and raising its overall lifetime contribution to €5.6 billion, €100 million more than originally projected. The announcement comes as NAMA nears the completion of its wind-down programme, paving the way for formal dissolution next year once enabling legislation is enacted.
During 2025, NAMA transferred a total of €875 million to the State, comprising the €450 million cash payment and €425 million in property assets to the Land Development Authority, including a significant social housing portfolio and two strategic sites that could deliver up to 4,500 new homes. Corporation tax payments of around €450 million are also included in the total contribution.
NAMA chief executive Brendan McDonagh described the transfer as a landmark moment. “It signals the end of an unprecedented intervention by the State in response to an unprecedented banking and economic crisis,” he said. McDonagh added that the agency had successfully restored stability to Ireland’s financial system, supported the country’s credit rating, and generated a substantial surplus for the Exchequer.
NAMA chairman Aidan Williams emphasised the agency’s unique design. “Unlike other commercial entities, NAMA was intended to disappear on completion of its mandate,” he said. Williams highlighted NAMA’s achievements in deleveraging its portfolio, generating a surplus, contributing to new housing supply, and supporting regeneration in Dublin Docklands. “This successful outcome reflects the collaboration of our staff and external stakeholders, leaving a tangible and lasting legacy,” he added.
The agency is expected to be formally dissolved in 2026 following the passage of legislation. Any remaining activities, including a residual €30 million portfolio and around five ongoing legal cases, will transfer to the proposed Resolution Unit within the National Treasury Management Agency.
Established in 2009 to manage non-performing property loans after the financial crisis, NAMA bought loans with an original book value of approximately €70 billion for €30 billion. The agency then worked to sell these loans while supporting the stabilisation of Irish banks, which had required State capital to cover shortfalls.
Tánaiste and Minister for Finance Simon Harris welcomed the final surplus transfer and the agency’s increased lifetime contribution. He noted that the property assets transferred this year are expected to make a meaningful contribution to housing delivery while remaining in State ownership. Harris credited NAMA’s staff for their dedication over many years in executing the agency’s mandate.
With NAMA’s wind-down nearly complete, the agency leaves behind a strengthened financial position for the State, a framework for housing development, and a legacy of stabilising Ireland’s banking sector after one of the most challenging periods in the country’s economic history.
