Developers and senior property-industry figures claim some Irish financial institutions are offering developers salaries of up to €100,000 to manage their projects through to completion.

"It's inevitable. Banks need developers to manage assets. It's politically unpalatable but a fact of life," said one senior developer who says he was offered that salary by a bank in recent months.

A Mediterranean-based Irish developer is also understood to be being paid the same amount by a different bank to work two days a week on a troubled project in Dublin.

A senior banking source denied his institution was making direct salary payments to distressed developers but confirmed that contributions were being made to some costs such as public liability insurance.

"It's more complex than a straightforward project management fee," said another banking source, adding that the banks' attitude continues to be "if in doubt, build it out" because there was a greater chance of creating or maintaining value.

Anglo Irish Bank, Allied Irish Bank and Bank of Ireland all declined to comment.