The National Asset Management Agency said today it had redeemed another €500m of senior debt from the banks who sold the agency €74 billion of bad loans in the aftermath of the financial crisis.

On the back of the country's economic recovery, NAMA is paying back the banks faster that originally envisaged.

It has now redeemed €16.6 billion of senior debt from the banks, 55% of the total issued.

NAMA also said that it had selected Singapore-headquartered property developer Oxley Holdings as the preferred bidder for a 2.35 hectare site at North Wall Quay next to the Central Bank's new head office in the Dublin Docklands.

The agency would not give any value of the deal, which is Oxley's first in Ireland.

"This transaction with Oxley will facilitate the provision of much-needed high-quality Grade A office space that will lead to further job creation, investment and economic activity in the Dublin Docklands, while maximising the value of this site for NAMA," commented the agency's chief executive Brendan McDonagh.