NAMA chairman Frank Daly has rejected suggestions by the Taoiseach that developers whose loans had been acquired by the agency were regaining control of their properties at prices substantially lower than what they had originally paid for them.

Yesterday Enda Kenny said he had indications that developers were using a variety of methods to acquire properties that had been taken from them.

The National Asset Management Agency has bought over €72 billion worth of loans taken out by 850 property developers. It has assessed the business plans of 40 of those developers and has sold property for €3.3 billion through receivers where developers refused to co-operate with it or had defaulted on their loans.

Speaking in Cork yesterday, the Taoiseach expressed concern that developers whose loans had been taken over by NAMA may be trying to get their property back.

This morning the chairman of NAMA denied that that was happening. Frank Daly said NAMA is prohibited from selling property to defaulting debtors, and the agency was absolutely determined that this prohibition would be enforced.

Mr Daly said NAMA has sold property only through receivers and they had been reminded that they were not permitted to sell the properties to defaulting debtors or to anybody connected to them.

He also told RTÉ radio that the agency would soon be listing all properties that are being sold by receivers on behalf of NAMA on its website.

Speaking at the British Irish Parliamentary Assembly meeting in Cork, Frank Daly said that intensive work is ongoing in reviewing the business plans submitted by the agency's other major debtors.

Mr Daly said that by the end of May, the agency had approved sales worth €3.3 billion, while it had also advanced more than €810m of working capital for the completion of some viable developments.

The agency has also managed to reduce its debts by over €1 billion over the past year.