NAMA has today published a review of its activities during 2024 and set out its roadmap for completing the wind-down of the Agency by the end of 2025.

2024 REVIEW

Key business highlights for the year include:

• NAMA transferred €400 million cash from its lifetime surplus to the Exchequer in December 2024. Transfers totalling €4.25 billion cash have now been made to the State from NAMA’s surplus, with a further €439m paid in corporate tax bringing the overall NAMA contribution to date to over €4.69 billion.
  
• NAMA generated €600 million in cash in 2024. Since inception, the Agency has generated €48.3 billion from its operations.

• NAMA expects to report its 14th consecutive year of profitability in 2024. Profit of €53 million was reported for the first half of 2024 from a significantly reduced portfolio.
  
• In 2024, NAMA made significant steps towards wind-down and is on track to conclude its operations by end-2025. NAMA is working with the National Treasury Management Agency (NTMA) to prepare for the transfer of any unresolved assets to the NTMA Resolution Unit at end-2025.
  
• NAMA’s lifetime contribution to the State is projected to be at least €5.2 billion before end-2025.

• NAMA’s residential delivery programme continued to deliver much needed housing across Ireland, with 271 new homes delivered from NAMA-secured sites during 2024. 171 new homes are currently under construction on the remaining NAMA-funded sites and are expected to be completed in 2025.
  
• In total 41,600 homes have been funded and facilitated by NAMA between 2014 and end-2024 through direct funding (14,500) or on sites sold by NAMA which benefitted from NAMA investment or site works (27,100).

• NAMA continues to make a social and economic contribution from its remaining portfolio. NAMA has provided 2,957 homes for social housing to local authorities and approved housing bodies. This figure does not include social housing units provided under Part V arrangements on NAMA-funded residential developments.

CASH GENERATION AND PROFIT

€600 million cash was generated in 2024 through NAMA’s disposal and portfolio management activities. A total of €48.3 billion in cash has been generated since the Agency’s inception, through asset sales, loan sales and refinancing of debt.

NAMA’s operations remained profitable in 2024, for the 14^th consecutive year.

SURPLUS TRANSFERS

NAMA transferred €400 million to Exchequer in December 2024. This brings the Agency transfers to the State to a cumulative total of €4.69 billion; €4.25 billion cash from its lifetime surplus and €439 million in corporation tax payments.

NAMA’s lifetime contribution to the State prior to concluding operations at end-2025 is expected to be at least €5.2 billion. Further transfers totalling €550m will be made in 2025 before NAMA operations conclude. This comprises additional cash payments, the transfer of social housing vehicle NARPS to the Land Development Agency (LDA) and other property assets.

RESIDENTIAL DELIVERY

NAMA has actively worked with its debtors and receivers since 2014, where commercially viable, to facilitate the delivery of a total of 41,600 homes nationwide.

In 2024, 271 new homes were delivered on NAMA funded sites, and a further 171 new homes, currently under construction, are expected to be completed in 2025.

In addition, NAMA has acquired sites with the capacity for c.4,000 new homes to be developed. These sites will be managed by NAMA until they are transferred to another State Body following direction by the Minister for Finance. These sites will be retained within State ownership following the completion of NAMA’s wind-down at end-2025.

SOCIAL HOUSING DELIVERY

2,957 residential units have been delivered by NAMA for social housing purposes across Ireland. These figures exclude social housing provided under Part V arrangements on NAMA-funded developments.

NAMA’s social housing vehicle, NARPS (National Asset Residential Property Services), owns 1,366 homes which are leased for social housing. NARPS is due to transfer to the Land Development Agency (LDA) in 2025 and these homes will remain within State ownership.

ROADMAP FOR COMPLETING WIND-DOWN IN 2025

The Agency will complete the remaining stages in its wind-down over the course of 2025. These stages will comprise both commercial and operational elements and will include the following workstreams.

Commercial workstreams

• Completing the deleveraging of the remaining elements of the loan portfolio, which has reduced from a peak of c.€32 billion to c.€0.15 billion.
• Exiting NAMA’s remaining debtors through a range of customised exit strategies where their loans are repaid by the debtor, refinanced with another lender, or sold to another lender to maximise the amount recovered.
• Completing the drawdowns of funding that has been committed to debtors and receivers to deliver the final elements of NAMA’s residential delivery programme (171 new homes to be delivered in this way in 2025).
• Asset management of residential development sites that do not have short-term development potential with a view to enhancing their value for sale to third party buyers that may develop them in the long term.
• Exiting NAMA’s remaining equity interests in the Dublin Docklands SDZ on the best achievable financial terms.
• Managing active cases that involve outstanding litigation with a view to obtaining the best achievable outcome for the taxpayer.
• Transferring the NARPS social housing portfolio to the Land Development Agency.
• Transferring sites owned by NAMA to another State Body that will deliver c.4,000 new homes in the future.

Operational workstreams

• Managing NAMA’s data and records in line with ongoing legal obligations and to oversee the Agency’s supporting IT infrastructure as the completion of wind-down approaches.
• Consolidating NAMA’s business units as they continue to reduce in size and scope.
• Simplifying NAMA’s corporate structure by dissolving SPVs and other entities in line with the disposal of any remaining assets.
• Exiting the existing arrangements for servicing loans in line with the wind-down of the remaining loan portfolio.
• Engaging with the Department of Finance as draft legislation to dissolve NAMA progresses through the Oireachtas.
• Engaging with the Department of Finance and the IBRC Special Liquidator to progress the transfer of residual IBRC assets to NAMA.
• Engaging with the NTMA to optimise the transfer of any remaining activities to the NTMA Resolution Unit.

Brendan McDonagh, the NAMA Chief Executive, said:

“In 2024 we continued our strong progress in deleveraging our portfolio, while remaining firmly on course to complete operations by the end of 2025. We transferred a further €400m to the Exchequer during the year as we work towards a total lifetime dividend for the State of at least €5.2 billion.

2025 will see us complete our deleveraging work to the greatest extent possible, enhancing the return to the State while adding significant value to the sites acquired with capacity for c.4,000 homes. We will finish the wind-down of the Agency diligently, carefully managing the complex process of closing a successful statutory body that at its peak managed €32 billion of assets across 60,000 property assets in Ireland, the UK, Europe, the US, and South Africa.”

Aidan Williams, the Chairman of NAMA, said:

“2024 was another successful year for NAMA, with continued profitability achieved for the 14th year in a row through the disposal of assets. In delivering a surplus of over €5.2 billion and a host of social and economic benefits including more than 41,600 new homes, 3,000 social homes, over 4 million sq. ft of commercial development, employment, and urban regeneration in Dublin Docklands. By any measure NAMA continues to be a tremendous success. The NAMA Board is committed to completing the orderly wind-down of the Agency in 2025 and to working with the NTMA to transfer any residual activity and outstanding unresolved litigation to the NTMA Resolution Unit at the end of the year.”

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