The National Asset Management Agency has reported an after-tax profit of €78m for 2025, marking its 15th consecutive year in the black as it moves toward dissolution. The figure is lower than the €197m recorded in 2024, reflecting the winding down of its remaining assets as its mandate nears completion.
In its final annual report before closure, NAMA confirmed it transferred €875m in surplus cash and assets to the State during the year, made up of €450m in cash and €425m in assets. That brings total lifetime transfers to the State to €5.6bn, alongside roughly €450m in corporation tax contributions over its operating period.
Established in 2009 following the financial crisis, NAMA was created to remove distressed property loans from Irish banks. It acquired loans with a nominal value of about €70bn for €30bn, with the State injecting capital into the banking system to stabilise the financial sector. Since then, it has disposed of those loans and managed a large-scale recovery programme.
The agency reported that its €32bn deleveraging process is now 99.9% complete. The remaining debtor loan portfolio has fallen to €46m, later reduced further to about €25m. Across its lifetime, NAMA has generated €48.5bn in cash, including €41.8bn from asset disposals and €6.7bn from other income sources. It has been debt free since repaying its €31.8bn debt in March 2020.
Residential delivery has formed a central part of its legacy. Between 2014 and 2025, NAMA supported the completion of 44,566 homes across Ireland. Of these, 14,660 were directly financed by the agency, while the remainder were delivered on sites where it had funded planning, enabling works and associated costs before sale to developers. A further 7,000 homes could be delivered on two major sites transferred in 2025 to the National Treasury Management Agency Land Development Agency.
NAMA also exceeded its social housing target, facilitating about 3,000 units against an original goal of 2,000.
Chief Executive Brendan McDonagh said the agency’s mandate, set out by the Oireachtas, had been largely fulfilled. He noted that more than €5.6bn had been returned to the State above the cost of the loans acquired, alongside the recovery of €31.8bn in debt used to stabilise the banking system after the crash.
Chairman Aidan Williams described NAMA’s work as taking place under exceptional financial pressure, adding that its total benefit to the State now stands at €11.2bn when combined with recovered State aid provided to participating banks.
Tánaiste and Minister for Finance Simon Harris said the report and planned legislation to dissolve NAMA represent a major milestone, noting that the agency played a central role in restoring stability to Ireland’s economy and is widely regarded internationally as a successful model of state-backed asset management.
As its operations wind down, remaining assets and cash will transition to the NTMA Resolution Unit for ongoing oversight.
