The National Management Agency has said there is no question of the agency paying bonuses to developers.

In a statement, the agency said the term "bonus" was introduced by a Deputy, and not by NAMA, during a Public Accounts Committee meeting this week.

NAMA said today's statement was in response to "questions and some comments made in relation to debtors and bonuses".



The agency said it fully disclosed in its annual report in 2010 that incentivisation for its debtors could be a feature if better than expected financial outcomes were achieved by them.

It said the the outcome of the review of some debtors' business plans included possible incentivisation arrangements which would only be triggered if they met very ambitious, or "stretch" financial targets which were set for them.

If debtors achieve these targets, they will retain a small proportion of any excess achieved above target levels in certain cases.

"The vast share of any excess will go to NAMA and ultimately to taxpayers if the stretch financial targets are achieved," the agency stated.

NAMA told the PAC meeting that very few debtors are this stage are likely to achieve the "stretch" financial targets set for them.

The agency added that the incentivisation of developers is especially relevant given the shortage of residential supply in Dublin and other urban areas.