The National Asset Management Agency said today it had reverted to full state ownership following the final payment to a creditor.

This sets the stage for it to repay the first half of its estimated €4 billion surplus to the state. 

NAMA said in a statement that a €56m payment had eliminated its final outstanding investor obligation, increasing the state's ownership of the special purpose vehicle that owns it from 49% to 100%. 

"Today's transaction paves the way for NAMA to transfer the first €2 billion of its surplus to the Exchequer, as the NAMA Group is now wholly owned by the Minister for Finance," the statement said.

"This is an important step which will allow us to transfer the first €2 billion of NAMA's lifetime surplus to the Exchequer, providing the State with a valuable and large source of funds at this critical time," NAMA Chairman Aidan Williams and NAMA CEO Brendan McDonagh said in today's statement. 

"Today's transaction highlights the progress NAMA has made over the past decade in eliminating the €31.8 billion contingent liability on the State and in generating the cash needed to repay all its outstanding debt and equity obligations and to deliver a substantial surplus for the Exchequer," they added. 

NAMA, or the country's "bad bank", was set in 2009 during the property crash here. 

The agency used €31.8 billion of senior and junior debt to rid the country's nationalised banks of risky property loans with a face value of €74 billion.