The National Asset Management Agency has redeemed a further €2.5 billion of senior bonds.

The move, which had been flagged in its recent annual report, brings the total value of senior bonds redeemed to date to €13 billion.

The agency is now on schedule to have redeemed €15 billion of its €30 billion in bonds by the end of 2014, some two years ahead of schedule.

The early redemptions were possible due to strong cash-generation last year, helped by improving conditions in the property market.

Last week, Nama concluded the sale of its entire Northern Ireland property book to Cerberus Capital Management.

The portfolio, which had a par value of £4.5 billion, represented the largest single transaction by the agency to date.

The loans were sold for €400 million less than the discounted price it paid for them. However, the loss was offset by income generated by the portfolio over the last five years.