The Chairman of the National Asset Management Agency has said he expects the agency to be in a position to transfer a surplus of €3 billion to the exchequer when the agency completes its work.

Frank Daly said NAMA is in the wind-down phase of its operations, and expects to complete its work by 2020.

Addressing the Oireachtas Finance Committee, Mr Daly rejected the view that NAMA had moved too quickly in asset and loan sales.

He said the agency had to take advantage of favourable market conditions, and had to reduce its exposure in an orderly basis.

"Those who say we moved to quickly would take a different view now if we had missed the boat," he said.  

On social housing, he said NAMA had offered 7,000 properties to the national housing agency for use as social housing.

He said demand was confirmed for 2,768 units, and over 2,300 have so far been delivered.

He said NAMA has exceeded its targets on the completion and delivery of 4,500 homes by 2016.