The proposed legislation follows updates published earlier this year, that the Special Liquidation of IBRC is on track to substantially conclude by the end of 2024 and that NAMA is now taking commercial and operational steps to implement a phased and orderly wind-down by end-2025.
Minister for Finance Jack Chambers has highlighted the extensive progress made by both the IBRC and NAMA since their inception. Prior to the conclusion of their respective work mandates, both the IBRC and NAMA will continue to deleverage their remaining portfolios, in an effort to minimise the residual activity due to be inherited by the Resolution Unit and maximise the possible return to the State on the remaining assets.
"From the dark days of 2009 when NAMA was established, few would have predicted the buoyant state of the Irish economy in 2024," he said."In a global financial crisis of a scale unseen since the Great Crash of 1929 and subsequent recession, coupled with a lack of precedents on the appropriate actions to take, measures undertaken by Government at that time and subsequently have in the long term proven to be extremely successful.