The chairman of the National Asset Management Agency has said the agency has not changed its policy of pursuing property developers for the full amount of their loans.

Frank Daly said it was absolutely not the case that NAMA would simply recover the money it had paid out and 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, NAMA will reserve the right to recover money from a developer if the developer recovers the capacity to pay debts in the future.

He made his comments in a speech to the Institute of Certified Public Accountants, which is holding its annual conference in Co Kildare today.

Mr Daly said the agency had been assiduous n collecting personal guarantees from developers and saw no reason why 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.