NAMA is seeking to refer a developer to the gardaí who failed to disclose assets to the agency.

NAMA has said that it is not a prosecuting authority and it had referred the issue to the gardaí for assessment.

Speaking to the Public Accounts Committee NAMA CEO Brendan McDonagh, said that the agency had identified €160m of assets which developers had tried to put beyond the reach of NAMA.

In one case a developer forgot to disclose the ownership of 29 car parking spaces, a crèche and two race horses.

Brendan McDonagh said "We have heard every sort of excuse. It is like a child saying a dog ate my homework."

Mr McDonagh said the agency had spend €400,000 tracing assets and this had yielded €5m of assets.