The National Asset Management Agency (Nama) has said it is now 70 per cent of the way towards repaying its senior debt as it announced it has redeemed another €1.75 billion of senior bonds today.

This marks its third redemption so far this year and brings to €21.1 billion the amount of senior debt redeemed to debt.

A total of €30.2 billion of senior debt used to purchase loans from Irish banks five years ago.

Nama intends to redeem at least 80 per cent of its senior debt - equivalent to €24 billion - by the end of 2015 with all senior debt redeemed by 2018, two years ahead of schedule.

The agency's chairman Frank Daly said earlier this year that Nama could achieve a "potential surplus" of €1 billion for the State by the time of its wind-down.