Nama's Brendan McDonagh

The Revenue Commissioners have property developers in their sights. A spokeswoman for Revenue said it is receiving information and documents from Nama on eligible bank assets that are being transferred to the agency.

"This information is being analysed to identify any tax implications arising," the spokeswoman said. "In particular, the work includes examination of the borrowers, related companies and special purpose vehicles used in the application of the borrowed monies and purchase of property. The tax position of vendors of property is also being examined, particularly where entities were interposed as part of the transaction process."

The Revenue Commissioners are expected to probe asset transfers, particularly those to offshore trusts.

Nama's Brendan McDonagh recently revealed that about 20 of the top 30 borrowers whose loans are being transferred to Nama would have transferred some amount of assets to family members or third parties.

"As I said, we are checking those returns," McDonagh told the Dail public accounts committee.