Nationalised lender Anglo Irish Bank has taken additional security on its €293m loan to Becbay, the company owned by the DDDA, Bernard McNamara and Derek Quinlan which paid €411m for the South Wharf site at Poolbeg in Dublin.

The bank has registered a supplemental debenture against the company, which involves lands at Ringsend, as continuing security for the "payment, performance and discharge" of its loans.

Anglo had provided the original facilities agreement to Becbay in 2007 for the purchase of the site, which is the most expensive ever acquired in the country. The two-year facility provided by Anglo expired in February.

The company is expected to revalue its land holdings in the coming weeks as the site's value has fallen significantly since the deal was signed.

"At the time the market was buoyant and valuations ranged from €250m to €370m," DDDA chief executive Paul Maloney told an Oireachtas committee recently. In the end the consortium paid €42m more than the highest valuation.

The DDDA created a stir when it said it had paid interest on its share of the loan only until the second half of 2008, when negotiations with the bank on refinancing began. It announced last week that it has resumed paying interest.

The DDDA owns 26% of the company, Quinlan owns 33% and McNamara owns 41%. McNamara partly funded his share of the equity put into buying the site by raising capital from Davy private clients. The private clients were told by Davy earlier this year that the value of their investment had been written down by 60%.

The DDDA has since drawn up a master plan for more than 100 acres at the Poolbeg Peninsula, including the South Wharf site. It wants to "create an urban waterside quarter". It recently extended the date for submissions on the draft plan until 8 May.