NAMA’s latest half year accounts to the end of June reveal it revalued the portfolio of loans it holds upwards for the first time by €25m, this is another sign that the market is improving.

The agency has reported a profit of €473m in the first half of the year.

Its accounts note that NAMA redeemed an additional €1.75bn in bond debts during the third quarter of the year bringing the total to just over €21bn - or about 70% of the total senior bonds it issued. It expects to redeem all senior bonds by 2018.

The agency, which had 663 debtors at the start of the year, expects to reduce this to 165 by the beginning of 2016, linked to overall loans of €10bn.

This outcome is predicated on closing the sale of Project Arrow, which involves 340 debtors and which is down to two bidders, Cerberus and Apollo.