The National Asset Management Agency made a profit for €37m between January and March of this year, which was €22m lower when compared with the same period in 2016.

In its Q1 report, NAMA said that total cash generated during the period was €1.05 billion (down from €1.3 billion in 2016).

The agency has now generated €39.4 billion since its inception.

Almost €1.14 billion in senior bonds were redeemed in the first three months of the year, with a further €952m redeemed during the second quarter.

A total of €29.7 billion of senior debt has been redeemed, which is over 98% of NAMA’s original senior bonds in issue.

NAMA’s senior debt now stands at €500m, less than 2% of its original level, which the agency expects to be redeemed by the end of this year.