The National Asset Management Agency, which took over billions of euro of bad bank loans following the financial crisis, will probably make a lifetime profit of about €3 billion, according to Bloomberg – which cites an unnamed source.

In June NAMA said it may beat its €2.3 billion surplus forecast if growth held up, without providing more details.

The agency’s remaining loans are valued at about €6 billion, said the source – who declined to be
identified because the figure is not yet public.

NAMA’s current projection is that it may deliver the €2.3 billion profit subject to market conditions, a spokesman for the agency said.

The Government set up NAMA in 2009 to purge the country’s banks of more than €70 billion of risky
commercial property loans.

Davy said last month NAMA is “highly likely” to raise surplus guidance before the end of year, citing a meeting with executives, with Brexit set to boost the value of Irish property.

“The fact that Irish 10-year bond yields have declined in the aftermath of the Brexit referendum has actually made investment in Irish commercial real estate more attractive,” broker CBRE said in a report this month.

“If anything, it has boosted the volume of enquiries for prime real estate.”

The agency has become embroiled in controversy in recent weeks, with the financial watchdog – the Comptroller and Auditor General - concluding it lost as much as £190m when it sold its
Northern Irish loan portfolio in 2014.

NAMA “categorically rejected the key conclusions reached” in the report.