The National Asset Management Agency says it had redeemed 88% of its senior bonds by the end of September.

In its latest financial results NAMA said it redeemed €3.5bn of senior debt in the first half of 2016 and a further €1bn in the third quarter.

This brought to €26.6bn the amount it had redeemed to date.

NAMA said it had a profit after tax of €647m in the first half of the year, up on the €473m profit recorded in the same period of 2015.

A significant portion of this - €247m – came from an impairment release following a review conducted at the end of June.

However it said the results do not take into account any change in asset valuations as a result of Britain’s decision to leave the European Union. NAMA said this revision would make up part of its full year results for 2016.

NAMA said it generated €2.5bn during the six months to the end of June and a further €1.8bn by 23rd September.

The agency said its loan portfolio had a value of €6.4bn by the end of June.