NAMA reports 2025 profit of €78 million as dissolution legislation progresses

The National Asset Management Agency (NAMA) recorded a profit of just under €78 million for the 2025 financial year, down from €198 million in 2024.

Speaking at a Committee of Public Accounts meeting, Comptroller and Auditor General Mr. Seamus McCarthy outlined details from NAMA's 2025 financial statements and the fifth progress report on the agency. The reduction in profit from the previous year reflects the ongoing reduction of NAMA’s debtor loans.

During 2025, NAMA transferred €450 million in cash to the Exchequer. The agency also transferred property assets valued at €425 million to the Land Development Agency (LDA).

Legislation to dissolve NAMA is currently progressing and is expected to be enacted shortly. This legislation will facilitate the transfer of NAMA's residual assets to a resolution unit within the National Treasury Management Agency (NTMA).

Financial Performance and Returns

NAMA originally acquired property-related loans with a par value of €74.4 billion for a payment of €31.8 billion, representing a 57% discount. This acquisition was funded by issuing €31.8 billion in debt, which has since been redeemed. Cumulative administrative costs up to the end of 2024 totalled almost €1.2 billion.

NAMA projects its total lifetime contribution to the Exchequer will reach €5.6 billion, comprising:

• A projected lifetime surplus of €5.15 billion
• €450 million in corporation tax payments

While NAMA's initial pricing anticipated a rate of return of approximately 5%, the estimated rate of return achieved on its overall operations is now approximately 6.8%.

Mandate and Operations

Under the NAMA Act 2009, the agency's primary statutory objective was to obtain the best achievable financial return for the State. Secondary objectives, such as facilitating the delivery of office accommodation in Dublin starting in 2014, were pursued alongside this primary mandate.