The National Asset Management Agency has advanced €1 billion in new finance to some of its debtors.

An end-of-year statement published by NAMA shows the agency had approved €1.7 billion in advances to various debtors of which €1 billion has so far been drawn down.

The money will be used to finish partially completed buildings and develop sites to enhance their value where NAMA has decided further investment is needed before it sells them.

Today's statement also shows NAMA has recouped an additional €1 billion in cash through rental income and asset disposals since it published its last statement in October.

To date NAMA has realised €10.5 billion in cash with €6.9 billion of that coming from asset sales. The agency has sold 3,900 individual properties to date.

Sales have also been agreed in respect of 100 residential units under a deferred mortgage initiative introduced by NAMA last year.

The "80:20 deferred payment initiative" allows home buyers to pay 80% of the value of a property at the time of purchase. The remaining 20% is paid after five years based on the market value of the property at that point.

The value of the 100 properties which are now sale agreed is €18m. NAMA said it plans to extend the scheme from 295 initial properties to a maximum of 750 by the end of 2013.

''The generation of €10.5 billion in cash in the 33 months since the first loans transferred to NAMA reflects a strong performance in terms of asset disposals and also shows the importance for NAMA of capturing the rental income from assets under the control of debtors,'' commented NAMA's chief executive Brendan McDonagh.

''Performance on a number of key targets during the year, in conjunction with growing indications that the Irish commercial and residential markets are stabilising, reinforces our confidence that we will achieve our ultimate objective of completing our work by 2020,'' the agency's chairman Frank Daly concluded.