The Department of Finance is in the process of calculating the amount of loan promises given to developers and should have an estimate soon.

If developers are in breach of current loan agreements they will not be given additional monies, the government has said.

"Anyone drawing undrawn loan facilities will be governed by the same terms of the existing loan contracts and generally where covenants in a loan have been breached the lender will not be obliged to make further funds available," a spokesman for the Minister for Finance said.

The expectation, given distressed and performing assets are being transferred, is that covenants will have been broken in most cases.

Supplementary documentation outlines the maximum amount NAMA will pay for loans given by the banks for land. Under the valuation regulations the long-term economic value of a parcel of land "should not exceed its market value by more than" 25% and the long-term value of land acquired from institutions cannot exceed the aggregate market value by more than 20%.

In addition, loans advanced to developers to build up stakes in publicly quoted companies with large land banks may be eligible for transfer to Nama but sources said the loans would only be taken on at a price that reflects the current market value of the equities.