The National Asset Management Agency (Nama) earned €78 million profit in 2025, ahead of its likely winding up this year.The agency, set up in 2010 to take in bad loans from Irish banks during the financial crisis, generated €180 million cash last year, bringing the total since it was founded to €48.5 billion.Nama’s last annual report shows that it earned profit after tax of €78 million last year, against €197 million in 2024.The agency has transferred €5.6 billion in cash and assets to the State since it began operations.That total includes €875 million last year, made up of €450 million in cash to the exchequer and property worth €425 million to the Land Development Agency, another State body.Those properties included 1,366 homes earmarked for social housing, valued at €356 million, and two residential sites with space for a total of 7,000 homes.In all, Nama has transferred €4.7 billion cash to the exchequer, with assets making up the balance of the €5.6 billion.The agency published its annual report as the Dáil began considering legislation to wind up the organisation.Assuming the Oireachtas passes the National Treasury Management Agency (Miscellaneous Provisions) Bill, 2026, it should be wound up by the end of the year.Nama chief executive, Brendan McDonagh, confirmed that it would transfer assets worth less than €25 million and €55 million in cash to the National Treasury Management Agency resolution unit.“Nama was never intended to be permanent, and it gives me immense pride to say that our work is substantially complete,” he added.Dubbed the Irish State’s “bad bank”, Nama paid almost €32 billion for €70 billion worth of property-linked debt from Irish banks faced with insolvency after fuelling a credit bubble, giving it the right to seek repayment or take possession of assets against which they were secured. The property crash had slashed the value of the assets against which the cash was borrowed to €26.2 billion.The Fianna Fáil-Green Party coalition government in power at the time established Nama in a bid to bail the banks out of the crisis.Nama has repaid the €31.8 billion it borrowed to pay for the loans, clearing the last of that liability in 2020.“Since its establishment in 2009, Nama has worked through a complex portfolio of loans and assets and has delivered significant results for the State,” Tánaiste and Minister for Finance Simon Harris said. “As the Agency nears its conclusion, it is important to recognise the role it has played in restoring confidence in Ireland’s economy.”