Analysis: 15 years after the creation of Ireland’s ‘bad bank’, Nama begins its wind down
Realising the full extent of its projected return will require good market conditions and retaining staff on the look out for other opportunities
When the legislation establishing the National Asset Management Agency (Nama) was first touted by the late Brian Lenihan in 2009, the then minister for finance said it would “ensure the protection of our economy and the welfare of our people” in the aftermath of “excessive lending during the property boom”.
Tasked with cleaning up the mess of toxic loans left bobbing in the wake of Ireland’s financial crash, Nama acquired 11,500 debts from five financial institutions, comprising approximately 60,000 properties at a cost of €32 billion. Based on crisis asset management models undertaken by other countries, it began the long journey of maximising the return on its investment to the exchequer.
