Nama expects to report a profit of well in excess of €1 billion this year, its chairman Frank Daly has told an Oireacthas Committee. Nama reported a profit of €473 million in the first half of the year and expects to more than match this in the second half.

Nama now predicts that it will generate a surplus of €2 billion by the time it completes its work. The organisation took on loans from the banks at a written down value, and the latest predictions means that the final value of the loans will be some €2 billion more than expected at that time.

The Chairman of Nama Frank Daly and the Chief Executive, Brendan McDonagh, appeared before today's meeting of the Joint Oireachtas Committee on Finance, Public Expenditure and Reform in response to a request from the Committee for an update on Nama's progress.

In 2015 to date, Nama has generated cash receipts of €8.8 billion which brings the total cash generated since inception to €32.4 billion.

Mr Daly said that Nama is close to achieving its target of redeeming 80 per cent (€24 billion) of its senior debt by the end of 2016. As of now, €22.1 billion (73 per cent) has been redeemed. Nama is confident of redeeming all of its senior debt (€30.2 billion) by 2018 and of generating a surplus of about €2 billion by the time it completes its work.