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\nBrendan McDonagh took a firm line with developers who were unable to meet repayments frequently forcing them into bankruptcy, insolvency or receivership (File Pic)<\/p>\n
The National Asset Management Agency (Nama) will be dissolved at midnight tonight 16 years after it was set up to take over the property loans of the Irish banks.<\/p>\n
The agency was established in December 2009 at the height of the financial collapse.<\/p>\n
It bought loans from the banks which had a face value of \u20ac72.3 billion.<\/p>\n
Controversially it paid \u20ac31.8 billion for the borrowings, a discount of 58% which left enormous holes in the balance sheets of the banks.<\/p>\n
Those gaps were filled with a capital injections of \u20ac40 billion from the Irish taxpayer.<\/p>\n
In addition to earlier recapitalisation payments, the total gross cost of the bank rescue came to \u20ac64 billion for the Irish State.<\/p>\n
NAMA was run by CEO Brendan McDonagh, who was on secondment from the National Treasury Management Agency (NTMA), the body which manages the national debt.<\/p>\n
Mr McDonagh, who was NAMA’s only CEO, will now return to a new role in the NTMA advising State authorities on investment projects with a capital value of over \u20ac75 million.<\/p>\n
\nBrendan McDonagh took a firm line with developers who were unable to meet repayments frequently forcing them into bankruptcy, insolvency or receivership (File Pic)<\/p>\n
The eight remaining staff in NAMA will transfer to a resolution unit within the NTMA along with \u20ac58m of cash and assets of \u20ac23m.<\/p>\n
NAMA was set up as the banks were struggling with huge property loans which developers were unable to repay.<\/p>\n
The agency’s establishment happened as Ireland\u2019s economy ground to a halt, unemployment soared and property prices collapsed.<\/p>\n
A year after NAMA was established Ireland accepted a \u20ac67 billion bailout loan from the Troika of the European Central Bank, the European Commission and the International Monetary Fund.<\/p>\n
Officials from the Troika regularly met NAMA staff in Dublin and set tight deadlines for the agency to dispose of properties it has taken over.<\/p>\n
After 16 years NAMA has paid back the \u20ac31.8 billion which it borrowed from the State and returned a surplus of \u20ac5.6 billion including corporation tax payments of \u20ac450m.<\/p>\n
NAMA said it facilitated the delivery of over 44,500 new homes in Ireland, with 14,660 directly funded and delivered.<\/p>\n
Today the Minister for Finance Simon Harris said “NAMA was created as an exceptional response to an exceptional crisis.”<\/p>\n
He added it made a “lasting contribution to Ireland\u2019s economic and social development”.<\/p>\n","protected":false},"excerpt":{"rendered":"The National Asset Management Agency (Nama) will be dissolved at midnight tonight 16 years after it was set…\n","protected":false},"author":2,"featured_media":576365,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-576364","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/576364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=576364"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/576364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/576365"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=576364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=576364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=576364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}