The National Asset Management Agency has said it is on target to clear all its remaining senior debt by the end of 2017, a year ahead of schedule.
NAMA used €30.2 billion of senior and junior debt to rid Irish banks of €74 billion worth of risky property loans from 2010 following the country's financial crash, and had cut its outstanding debt to less than 9% by the end of last year.
The agency had initially set 2020 as a target to have all of its senior debt repaid, but subsequently brought that date forward by two years, before shortening the timeline further today.
It reduced its senior debt by €5.5 billion in 2016, with €2.6 billion now outstanding.
NAMA said it expects to repay its junior, or subordinated, debt of €1.6 billion by 2020.
In its year-end report the agency also reiterated it expects to return a lifetime profit of €2.3 billion to the Government from its loan and property sales.
At the end of last year it had a cash balance of €2.2 billion.
NAMA also stated it has received planning permission to add a further 7,300 residential properties to the 4,700 new homes already built in a commitment to complete 20,000 units by 2020.
