The National Asset Management Agency (Nama) has generated €16.5 billion in cash since its inception in 2009, including €5.8 billion last year.

In a statement, the agency - which began taking over property development loans from the collapsing Irish banks almost four years ago – said it had reached its end of year target of redeeming €7.5 billion of the senior bonds issued to acquire bank loans in 2010 and 2011.

The agency said it continues to generate significant cash through disposal activity and non-disposal income. Some €5.8 billion in cash was generated in 2013, including €3.8 billion from the proceeds of asset disposals. The remainder largely came from rent receipts.

Total cash generated in the period of 45 months since inception has reached €16.5 billion.

At the end of 2013, Nama held cash and cash equivalent balances of €4.3 billion.

Nama said it has overseen the sale of €10.6 billion worth of loans and property and other assets held as security, including the sale of over 10,000 individual properties mainly across Ireland and Britain since its inception.

The agency completed the sale of an €800 million Irish loan portfolio known as Project Aspen last May, and in December it completed the sale of the €250 million Project Club portfolio of loans.

Bids are at second round stage for the Project Holly portfolio, made up of €373 million worth of loans secured by offices, hotels and land in Dublin and Meath. Final round bids have been received in respect of Project Platinum, a portfolio of four Dublin office buildings, and that sale is expected to close shortly.

Nama is to invest an additional €1.5 billion in funding for Irish projects over the next three years, including the construction of 4,500 new houses and apartments in Dublin.

The agency said it has approved close to €1 billion in development funding for the completion of construction projects currently in progress in Ireland and to develop new projects. Some €500 million of this has already been drawn down.