The Chairman of the National Asset Management Agency, Frank Daly, has said it has not changed its policy of pursuing property developers for the full amount of their loans.
Mr Daly said it is absolutely not the case that NAMA will simply recover the money it has paid out and will then absolve developers of their remaining debts.
Mr Daly, a former Chairman of the Revenue Commissioners, said that just as Revenue never definitively writes off tax arrears, so NAMA will reserve the right to recover money from a developer if the developer recovers the capacity to pay their debts in the future.
He said the agency had been assiduous in collecting personal guarantees from developers and saw no reason whey they should not be called in if necessary.
He said the business plans required form developers would have to be utterly realistic and demonstrate how they could pay down a large amount of their outstanding debt over the next three years.
