The National Asset Management Agency (NAMA) says it helped to build 2,500 houses last year.

It has issued an end-of-year summary, which shows the agency generated €3.3bn in cash.

While since its inception, NAMA has generated cash of €44bn from its operations.

It also expects, based on market conditions, to return a surplus of €3.5bn to the exchequer by the time it finishes its work.

It is estimated that 9,700 units have been delivered through NAMA funding between 2014 and end-2018.

An additional 3,000 units are also under construction or have had funding approved.

And planning permission has also been granted for a further 6,400 units on sites secured to NAMA.

It says it has the capacity "to fund or otherwise facilitate" the delivery of 20,000 residential units by the end of 2020.

In addition to NAMA's programme of direct delivery, it is estimated that over 3,400 units have been delivered on sites for which NAMA had funded planning permission, legal costs, holding costs or enabling works - but with which it is no longer involved.

NAMA says this means it has facilitated total delivery of 13,100 units, either directly or indirectly.

It adds that "major progress" has been made on sites within the Dublin Docklands area.

NAMA chief executive Brendan McDonagh | File photo

This includes construction on 983,000 square feet of commercial space and 162 residential units, as well as a new road linking the North Docks and Sheriff Street.

Construction is also underway on 1.66m square feet of commercial space and 444 residential units.

Since 2012, NAMA says it has delivered 2,475 houses and apartments for social housing, providing homes for an estimated 8,000 people.

This is in addition to social housing provided under arrangements on NAMA-funded residential developments.

NAMA has established a special vehicle, NARPS, to purchase suitable units for onward leasing to local authorities and approved housing bodies.

The Treasury Building in Dublin, which houses NAMA | File photo

Brendan McDonagh, NAMA's chief executive, says: "NAMA had another very successful year in 2018.

"We exceeded our deleveraging targets, generated €3.3bn in cash, funded the completion of 2,500 residential units and delivered a substantial profit.

"We also facilitated further major progress in the development of the Dublin Docklands SDZ while achieving significant benefits for the State in further de-risking taxpayers' exposure to the cost of developing the area."

Chairman Frank Daly adds: "At the end of 2018 it is salutary to recall the difficulties our country faced nine years ago when NAMA started its work at the end of 2009.

"The country has recovered significantly in the intervening period and it is encouraging for all who work in NAMA to recognise that, with many others, we played a real part in that recovery."