National Treasury Management Agency (Miscellaneous Provisions) Bill 2026: Second Stage
Seanad Éireann — 2026-07-02
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Pat Casey (FF), Labour Panel

I welcome the opportunity to contribute on this Bill and I am happy to support its passage through the House. There are not many Bills that allow us to draw a line under one of the most challenging periods in our State's economic history, but that is precisely what this legislation seeks to do. This is important legislation which brings closure to two significant institutions that were created in response to the financial crisis, namely, the National Asset Management Agency, and the Irish Banking Resolution Corporation. The Bill provides for the remaining residual activity to be transferred to the NTMA, ensuring that outstanding matters can be managed effectively and brought to proper conclusions.
When NAMA was established back in 2009, Ireland was facing the most serious economic and banking crisis in the history of the State. Extraordinary measures were required to restore confidence in our financial system and stabilise the economy. NAMA was tasked with acquiring and managing distressed properties and related loans in participating financial institutions and maximising the return to the taxpayer. With the benefit of hindsight, it is important to recognise the scale of that achievement. NAMA acquired loans to the par value of €74 billion, repaid all €32 billion in debt issued to acquire those loans and generated a lifetime contribution of approximately €5.6 billion for the Exchequer.
As the Minister of State has already pointed out, it has also been cited internationally as one of the most successful examples of a State-backed asset management agency established in response to a banking crisis. Its contribution went beyond the balance sheet. NAMA played a significant role in housing delivery, facilitating more than 44,000 homes and helping to provide almost 3,000 social homes. It also contributed to the wider regeneration of the Dublin docklands and supported wider economy recovery at a particularly difficult time in the country.
Likewise, the IRBC special liquidation has made substantial progress since 2013. The vast majority of its assets have now been released and significant distributions have been returned to the Exchequer. What remains is mainly related to litigation and related matters which, by their nature, may take time to conclude. The approach adopted in the Bill is, therefore, practical and sensible. Rather than maintaining separate organisations for a small number of remaining cases, responsibility will transfer to the NTMA. which has the expertise, governance structures and resources necessary to manage these matters to completion. There are also wider lessons in the legislation. The financial crisis imposed enormous hardship on families, businesses and communities throughout Ireland. While none of us would wish to relive that period, it is important that we acknowledge the role played by institutions such as NAMA in helping the State navigate those challenges and, ultimately, return to economic stability.
Reflecting on this period, and on a more personal note, it is right to remember the late Brian Lenihan, the then Minister for Finance, who bore the burden of steering the country through the financial crisis while battling a terminal illness. Whatever views people may hold on the decisions taken at the time, few would question his dedication, courage and sense of duty in continuing to serve the State under such extraordinarily difficult personal circumstances. The Bill, thankfully, represents the final stage in this process. It provides for orderly wind down, ensuring any remaining obligations continue to be properly managed and protecting the interests of the taxpayers. It is a fitting conclusion for structures established to deal with exceptional circumstances, which have now largely fulfilled their purpose. I think the Minister of State and all of the officials for bringing forward this legislation and we are pleased to support the Bill.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2026-07-02/debate/main
Retrieved: 2026-08-14T04:55:09+00:00
Sitting date: 2026-07-02