Set up in 2009, the National Asset Management Agency (NAMA) used 32 billion euros ($35.10 billion) of debt to rid banks of 74 billion euros worth of risky property loans following a banking collapse.
The Irish government also had to pour tens of billions of euros more into the country's ailing banks, some of which still collapsed.
NAMA had raised its forecast surplus almost every year since 2015 following a surge in demand for Irish real estate.
It had a residual portfolio worth 500 million euros at the end of 2022, its annual report published on Thursday said.
McDonagh added that 400 apartments from the 1,800 units NAMA had funding approved a year ago fell through after demand from investors in the private rented sector "almost disappeared" in the rising interest rate environment.
Persons:
NAMA, Brendan McDonagh, McDonagh, Padraic Halpin, Jane Merriman
Organizations:
DUBLIN, National Asset Management Agency, Thomson
Locations:
Ireland