The National Asset Management Agency (NAMA) was established in December 2009 as one of the initiatives taken by the Government to address the serious crisis in Irish banking which had developed as a result of excessive lending to the property sector, particularly during the years 2003 to 2007.

Following enactment of the National Treasury Management Agency (Miscellaneous Provisions) Act 2026, NAMA was dissolved on 1^st August 2026, with its remaining activity transferring to the NTMA Resolution Unit.

During 2010 and 2011, NAMA acquired certain loan assets (land and development and associated loans) in exchange for Government-guaranteed securities issued by it directly to participating financial institutions.

NAMA’s statutory commercial objective was to obtain, in so far as possible, the best achievable financial return for the State having regard to the cost to the Exchequer of acquiring and dealing with bank assets, NAMA’s cost of capital and other costs.

Through working with its debtors and receivers to efficiently manage assets, NAMA generated significant cash from its acquired loans. By October 2017, NAMA had fully repaid the €30.2 billion in Government-guaranteed bonds. By March 2020, NAMA had repaid the remaining €1.6 billion in subordinated debt, also issued to acquire assets. In addition to repaying all of its debt, NAMA generated a €5.6 billion surplus for the State, delivering a substantial benefit to the taxpayer.

NAMA also advanced funding to its debtors and receivers in cases where it could be shown that such funding would enhance the value of the assets. In this way, NAMA funded the delivery of new housing across Ireland, and also facilitated commercial development in the Dublin Docklands.

Within the context of its overriding commercial mandate, NAMA made a social and economic contribution through a number of initiatives, including facilitating the delivery of social housing and engaging with Government Departments and other State agencies to facilitate transactions and complement their objectives, where possible.

NAMA operated as an independent commercial entity with its own board appointed by the Minister for Finance and included, ex officio, the Chief Executive of the NTMA and the Chief Executive of NAMA.

All of NAMA’s staff were employees of the NTMA and were assigned to NAMA by the NTMA. The NTMA also provided NAMA with business and support services, including HR, IT, market risk, transaction processing and treasury services. NAMA reimbursed the NTMA the costs of staff assigned to NAMA and the costs of business and support services.

More information on NAMA is available at https://www.nama.ie/

The NTMA Resolution Unit can be contacted at info@ntma.ie.