The National Asset Management Agency has rebuked allegations made by developer Johnny Ronan to the banking inquiry.

In a statement published by the committee, the agency said it treated Mr Ronan “objectively, commercially and professionally”.

It said it has a difficult job to do to recoup the best result for the taxpayer and it does not expect to be popular with debtors.

Moreover, the agency said there was no attempt to take Treasury Holdings down.

It made the decision because the group was past the point of financial rescue.

Mr Ronan had alleged Nama made a decision to take down his business without any regard of the cost to the taxpayer.

The agency has also contradicted evidence given by developer Michael O’Flynn.

It said Mr O’Flynn had painted a very negative and unfair assessment of the agency’s work.

Nama said the developer had claimed the agency was to blame for the shortage of housing in the country.

Banking inquiry

It insisted it was the biggest provider of residential development in Dublin.

Former Allied Irish Bank chief executive Eugene Sheehy was also asked to clarify some of his evidence to the banking inquiry.

Mr Sheehy insisted AIB did not bring a draft bank guarantee to a Cabinet meeting on September 28th, 2008.

Former taoiseach Brian Cowen and former secretary general of the Department of Finance Kevin Cardiff had told the committee the banks had brought a document to the meeting.

Mr Sheehy insisted AIB did not bring anything to the late-night meeting.

However, he said there could have been a handwritten note compiled on the night.

The AIB official insisted he has no recollection or record of such a piece of paper.

More to follow