The National Asset Management Agency should meet its minimum objective of repaying it senior debt, barring a “further significant economic downturn in the next few years”, according to a special report by Office of the Comptroller and Auditor General.

This is based on the agency's performance to date, which has seen it raise €10.5bn through the sale of assets.

However NAMA may find it difficult to sell the Irish property it is scheduled to dispose of by 2016, according to the report, as that would be predicated on a "significant recovery" in property values.

NAMA is scheduled to dispose of 70% of the Irish property it holds by the end of 2016 as part of its attempts to repay the €30.2bn in senior Government debt issued to acquire loans from Irish banks in 2009.

The agency had generated €10.5bn from loan and property disposals by the end of last year, however three quarters of that came from property in the British market.

Just 10% of NAMA’s Irish portfolio had been sold by the end of last year, according to the C&AG report.

Two years ago, NAMA projected that it would raise €22.9bn from the disposal of assets between 2013 and 2016.

Aside from asset sales, the C&AG report also details the approach taken by NAMA when dealing with debtors on its books.

It said that it had engaged in the full or partial restructuring of loans worth €9.5bn and consented to a disposal strategy for €7.6bn worth of assets.

The agency had supported debtors with €7.4bn of debt, subject to them achieving certain milestones – and enforced the debt in cases worth €7.3bn.