THE National Asset Management Agency said it will reduce its debts by a further €1.5bn over the coming week and is on course to have paid off debt of €7.5bn by the end of this year.
NAMA reported a profit after write-offs, tax and dividends of €228m for 2012, down slightly from the previous year and said it is on course to repay €30bn owed to the bailed out banks by 2020.
Chief executive Brendan McDonagh said 2012 was a "remarkably successful year for NAMA". The debt payment targets are agreed under the bailout programme.
The cash goes to repay bailed-out banks that transferred assets to NAMA. Banks use it to reduce their borrowings from the European Central Bank.
Commenting on the results the Minister for Finance Michael Noonan said he had not thought NAMA "would be so successful, so quickly".
It's a turnaround from before the 2011 general election when the now minister said the reason he would not scrap NAMA was "because it is very hard to unscramble an egg".
The minister said his current focus for NAMA is how it can contribute to getting people back to work, by helping revive the construction sector.
There are currently 100,000 people working in construction compared to 250,000 at the peak, he said
"Construction became a 'scapegoat sector' but is an important part of any modern, dynamic economy," he said.
NAMA has earmarked €2bn for investment in Irish construction between 2012 and 2016 and a further €2bn to finance property sales, chairman Frank Daly said.
Around €500m has already been drawn down for investment spending, he said.
In its third annual report the agency said it was managing loans and property valued at €22.77m as well as sitting on €3.644bn in cash at the end of last year.
Falling property prices meant the agency still had to make impairments, essentially write-offs in value, of €518m over the year. It was down from the €1.5bn of impairments recorded in 2011 however.
NAMA has completed €7.9bn of assets sales to date and is also generating €100m a month in rents and interest.
By the size of debt owed, 75pc of borrowers are working with NAMA, Mr McDonagh said.
The initial timeline of closing the agency in 2020 after a 10-year programme could change, even though it is currently meeting the timeline, Michael Noonan said.
That is because NAMA will take on any assets of the former Anglo Irish Bank and Irish Nationwide Building Society that have not been sold by the liquidators by the end of this year.
"At the end of the year when the transfers happen we will be in a better position to know," said Mr McDonagh.
The agency reported a slow take-up from county councils and housing groups after offering 4,000 properties for use as social housing.
Housing authorities rejected 2,000 of the properties offered.
NAMA has cut rents for commercial property tenants worth €14m a year and agreed to 96pc of rent abatement requests.