NAMA has held discussions with some of the country's top developers, including Treasury Holdings, and has received submissions from a number of developers about how best to run the agency.

There has been industry speculation that Treasury's listed REO vehicle will consider a rights issue to buy back its debts from Nama but the developer has so far refused to comment.

The Sunday Tribune has also learned that developers will have to submit business plans to Nama showing how they will trade out of their difficulties.

Noel Smyth's Alburn is one of the developers to make a Nama submission, with Alburn calling for an asset valuation system that relies on various bands. The bands would operate on a geographical basis with a value applied to each district and type of property "which would cease the necessity for individual valuations to be carried out for individual estates or properties".

"The opportunity for dispute is lessened and the ability for the agency to proceed quickly and efficiently with its work can commence," states the submission. Senior Nama sources called the document "excellent". Up to three judges at the Commercial Court should be appointed to deal with any disputes arising from Nama, he said.