The National Asset Management Agency is confident of generating a €2 billion surplus by the time it completes its work, according to management at the organisation.

Appearing before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, NAMA chairman Frank Daly and chief executive Brendan McDonagh said the agency was on track to make a €1 billion profit this year.

They said the agency had generated cash receipts of €8.8 billion so far in 2015 – bringing to €32.4 billion the total amount of cash generated since its formation.

NAMA has so-far redeemed 73% of its senior debt – putting it close to its target of redeeming 80% by the end of 2016.

The agency said it was confident it would redeem all of its debt – worth €30.2 billion – by the end of 2018, at which point it hopes to have a €2 billion surplus.

Speaking at the committee Mr Daly and Mr McDonagh also gave details of NAMA’s development plans for the Dublin Docklands, as well as its plans for the construction of residential housing.

NAMA said it had achieved its target of delivering 2,000 units for social housing this year, while the number of unfinished housing estates had also fallen significantly.