The Government will formally dissolve the National Asset Management Agency on Saturday, ending the 17-year run of a unit set up to handle toxic loans at the height of the financial crisis.
The Department of Finance laid the statutory instrument formalising the dissolution of Nama before the Dáil on Monday. Its remaining assets will transfer over to the National Treasury Management Agency (NTMA).
Nama was set up under the aegis of the NTMA, but had its own board and operated independently.
At its height, Nama took in loans with a par value of about €74 billion from Anglo Irish Bank, AIB, Bank of Ireland, EBS and Irish Nationwide Building Society, paying just under €32 billion for the debt. Overall it worked down about 12,000 loans secured against 60,000 properties from 800 lenders.
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The agency still has about residential assets worth about €22 million to be resolved, chief executive Brendan McDonagh told an Oireachtas committee this month.
It also has €50 million in cash it will hand over to the NTMA. Property assets with a value of €425 million were transferred to the Land Development Agency last year.
McDonagh will take over as head of the NTMA’s development finance agency on September 1st.
