Junior Government Minister Fergus O'Dowd has today defended Nama after reports emerged that it is paying salaries of more than €100,000 to 66 developers.

Three developers received €200,000 from the State's "bad bank" - the equivalent to the Taoiseach's annual salary.

Chairman of The Ballymore Group, Sean Mulryan, has confirmed that he is one of three developers earning €200,000 per year.

In a document prepared for the Oireachtas Public Accounts Committee, Nama said the salaries paid to developers were proportionate with the value and complexity of the €64bn worth of assets involved.

O'Dowd claimed that it would be a lot more expensive for the State if receivers were to be appointed instead.

"The assets have to be managed in the best interests of the taxpayer and the State," he said.

"The alternative to certain developers, and not all of them - I think it's only developers who actually fully and absolutely compliant - is to put in receivers who would be far more expensive, and if Nama is satisfied that they have transparency and accountability from the developers concerned - and they’re not actually paying them but I accept that the money is coming out of the accounts of the company - if that is in the interests of the State, that is the most efficient way to do it."