The Minister for Finance, Michael Noonan has confirmed that 56 Nama debtors – who owe the agency a total of €8 billion – have declared themselves bankrupt.

In a written Dáil reply to Fianna Fáil finance spokesman Michael McGrath, Mr Noonan said 44 of the debtors had declared themselves bankrupt in the UK, 11 in Ireland and one in the US. Since the start of the year, seven developers had declared themselves bankrupt in the UK and Seán Dunne had done so in the US.

Mr Noonan said Nama had enforcement over the assets of those who had declared themselves bankrupt “securing these loans and Nama continues to realise these assets”.

“When a debtor goes bankrupt, what is generally available is the remaining unencumbered or unsecured assets.”

The Minister added: “The agency, as a secured creditor, is generally neutral on the locus of bankruptcy proceedings and its experience has been that the location has not tended to prejudice recoveries.

“This position is based in part on its positive ongoing engagement with several bankruptcy trustees of Nama debtors who have been adjudged bankrupt in the UK.”