It has been revealed that a number of developers, whose debts were taken over by a bad debt agency, have been receiving salaries from the agency, with two receiving €200,000 last year.

The Dáil's Public Accounts Committee was told that between 110 to 120 developers are being paid by the Nation Assets Management Agency (NAMA) and it emerged that in some instances, developers can also get commission.

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The majority receive between €70,000 to €110,000. However, two major developers are in receipt of €200,000.

NAMA chairman Frank Daly said it was a commercial decision to pay developers who co-operated with the agency.

While NAMA's Chief Executive Brendan McDonagh earlier told the committee that the agency has started offering financing to purchasers of commercial property to generate sales.

The agency is exposed to the Irish property market to the tune of €4bn, with the majority of that apartments in Dublin, Cork, Galway and Limerick.

(LB/GK)