NAMA work ‘substantially complete’ – McDonagh
The chief executive of the National Asset Management Agency (NAMA) has said that its work is “substantially complete”.
Brendan McDonagh was writing in the agency’s annual report for 2025, which was published as legislation to dissolve it was being introduced in the Dáil.
NAMA was set up in the wake of the financial crash in 2009 to take on and manage distressed loans from the main Irish banks.
Ongoing litigation
McDonagh said that most of the unresolved activity related to ongoing litigation and claims in bankruptcies and liquidations.
“The timing and resolution of these activities is outside the hands of NAMA,” he added.
The NAMA chief executive also described the surplus of €5.6 billion returned to the State during its lifetime as “a remarkable outcome”.
Transfer to NTMA
In the Dáil, Minister of State Robert Troy today (20 May) introduced the National Treasury Management Agency (Miscellaneous Provisions) Bill 2026 on behalf of Tánaiste and Minister for Finance Simon Harris.
It provides for the dissolution of NAMA, with any remaining activities transferring to the National Treasury Management Agency (NTMA).
It also provides for the transfer of residual matters from the IBRC special liquidation to the NTMA.
State-owned IBRC, a combination of the former Anglo Irish Bank and Irish Nationwide, was placed into liquidation in 2013.
The Department of Finance says that this will ensure that the combined residual activity from both can be efficiently brought to completion.
‘Dissolution day’
Minister Troy told the Dáil that NAMA would be dissolved on an appointed ‘dissolution day’, when any of its remaining activities would transfer to the NTMA.
The transfer of IBRC-related issues will take place by way of a ministerial direction and a transfer agreement to be entered into by the special liquidators of IBRC and the NTMA.
The minister said that, once this transfer had taken place, the special liquidators would finalise the liquidation of IBRC in line with their obligations under company law – including the dissolution of remaining IBRC subsidiaries and the resolution of any outstanding administrative and tax matters.
The bill gives the NTMA the necessary functions and powers to undertake this work.