Irish bad bank the National Asset Management Agency is to be wound up by end of next year.
The bank, set up by the Irish government in 2009 following the financial crash, will have returned some €4.9bn (£4.2bn) by the end of 2025.
Finance minister Michael McGrath said Nama had been “very effective” in managing its loan portfolio and maximising the value of its assets, consistently generating profits over a 13-year period.
“This strong commercial performance has exceeded expectations and Nama’s success has been augmented by the agency’s considerable achievements in relation to its supplemental objectives,” said McGrath.
“Nama has facilitated the delivery of housing at significant scale. Moreover, Nama made a major and long-lasting contribution to the regeneration of Dublin Docklands through the delivery of extensive new commercial and residential space.”
McGrath said it was now “timely” to arrange the wind down of Nama.
Nama chief executive Brendan McDonagh, said the review of the agency and plan to wind it down “comprehensively outlines” its success in “profitably deleveraging its portfolio while making a considerable contribution to commercial and residential delivery in Ireland”.
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