Ireland's NAMA Completes Wind-Down, Eyes Formal Dissolution

Ireland's National Asset Management Agency (NAMA) has announced the substantial completion of its wind-down process. Established in 2009, NAMA used 32 billion euros to address 74 billion euros in risky property loans. It recently transferred 450 million euros to the Exchequer, totaling 5.6 billion euros in state transfers.

Ireland's National Asset Management Agency (NAMA) declared on Wednesday that it has substantially completed its wind-down process. This announcement sets the stage for the agency's formal dissolution, pending the enactment of appropriate legislation.

NAMA was founded in 2009 in the wake of a banking collapse. It utilized 32 billion euros ($37.5 billion) of debt to clean up 74 billion euros worth of risky property loans from lenders.

On Wednesday, NAMA completed the transfer of 450 million euros in cash to the Exchequer, summing up its total cash and asset transfers to the state to 5.6 billion euros.

(With inputs from agencies.)