The NMC nurse regulator has paid off its historic debt, which at one point was as much as £7m.
The NMC’s financial problems stemmed from the previous regulator, the UKCC, which it replaced in 2002.
According to accounts published by the NMC this month, the organisation has spent a total of £9.7m clearing the debt.
This means the NMC is on track to achieve its financial recovery plan, which includes building cash reserves of up to £20m to cover unexpected future financial events.
Mary Renfrew, chair of the NMC’s business, planning and governance committee, said: ‘The most significant implication is that the NMC now has an opportunity to devote all of the income received from the registration fee to enhancing the protection of the public, rather than dealing with historical financial issues.’