The property developer Bernard McNamara, who was once believed to be worth almost €240m, has said he is continuing to receive financial support from his banks as the property downturn enters its most intense phase.

McNamara, who is expected to have a large number of assets transferred to the National Asset Management Agency (NAMA), refers to continuing bank support in accounts for three of his companies. Bank of Ireland is one of the chief lenders McNamara works with.

One of his companies Hannamie reveals that in an effort to "safeguard its assets in the current market climate", directors have leased a property until development plans have been formally approved

McNamara's companies have been hit with a litany of "emphasis of matter" warnings by his own auditors.

Hannamie says its directors are having difficulty verifying even the carrying value of its property-related assets in the context of "current market conditions".

Projects under construction are carried in the books of the firm at original cost. The banks have the option in the case of this company of recalling their loans on demand.

One of McNamara's other companies, Cornus Investments, states that the firm's bank, described as its "principal lending institution", will provide finances for its chief development despite the downturn.

The auditors of this firm claim the valuation of all property assets is "subject to uncertainty". Accounts for another firm, Ellenmore also refers to continuing bank support. This particular company had debts of €13.1m as of March 2008, with the maturities stretching to five years in the majority of cases.