NAMA is planning to sell loans with a face value of £4.5 billion or $5.4 billion that are linked to the company's Northern Ireland borrowers.

This will be the company's biggest sale since it was established in the year 2009. Cerberus Capital Management is believed to have paid a higher price than NAMA's reserve of 1.3 billion indicating that the it is valued at about 28 pence to the pound.

NAMA did not say if it made a profit on the sale of the loans. The sale of loans together indicates that the company is increasingly the pace of its sell offs. NAMA chief executive Brendan McDonagh said that the sale will raise the best value for the company's shareholders.

"It is NAMA's biggest single transaction to date and we are satisfied that the sales process will deliver the best-possible result for the Irish taxpayer," he said.

Mr McDonagh said that the management has considered the economic conditions in Northern Ireland while determining to sell the loans.  He also said that Cerberus as assured the company that it will adopt a similar approach in managing the portfolio.