NAMA1 Thumbnail0The National Asset Management Agency (NAMA) was established in 2009 as one of a number of initiatives taken by the Government to address the serious crisis in Irish banking which had become increasingly evident over the course of 2008 and early 2009.

The Irish banking system had engaged in excessive lending to the property sector and, with the significant decline in the Irish property market from 2007 onwards, loan impairments had begun to rise substantially. This caused a rapid depletion in bank regulatory capital and required appropriate remedial action to remove uncertainty and to repair the balance sheets of a number of financial institutions of systemic importance to the Irish economy.

The Minister for Finance, in his Budget Statement of April 2009, announced the proposed creation of an asset management agency that would acquire loans linked to land and development from a number of key institutions. Draft legislation was published in September 2009 and the National Asset Management Agency Act, 2009, one of the most complex pieces of legislation ever to be placed before the Irish legislature, was passed into law in November 2009. NAMA was formally established on 21 December 2009 and its Board was appointed on the following day.

Five institutions (and their subsidiaries) applied to join the NAMA scheme and were designated as participating institutions in February 2010: Allied Irish Banks; Bank of Ireland; Anglo Irish Bank; Irish Nationwide Building Society; and EBS Building Society


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