The National Asset Management Agency (Nama) has rejected claims that it will need €75 billion to fund its operations.

Media reports suggest the agency may need the extra money to take on additional loans from the banks. However, in a statement today Nama denied this.

The agency said it had already acquired loans with a value of €71.2 billion for €30.2 billion and will take on an additional €5 billion under the original Nama plan.

As part of the Nama Amendment Bill, recently published by the Government, Nama can also now acquire land and development loans of less than €20 million from Bank of Ireland and AIB. Some €12 billion in additional loans are covered by this.

"The overall consideration for the €88 billion portfolio is therefore likely to be €37 billion approximately," the statement said.

Nama issued the statement after remarks by Anglo Irish Bank chairman Alan Dukes at a seminar in Cork last night on the way forward for Ireland’s financial services.

“Asset recovery vehicles (including Nama) are needed to manage and maximise recovery from recognised problem, poor quality loans,” he said.

“This requires new funding in the order of €75 billion for up to 10 years on an amortising basis. Such funding is currently not available from the markets and so must be provided through another channel.”

Asked at a Labour Party press conference this morning whether he was disturbed by the comments, front bench spokesman Ruairí Quinn said: “Very. Any taxpayer would have to be disturbed. I have only heard reports of the comments."

Mr Quinn said he understood the Department of Finance had responded “very vigorously” but said he was not in a position to comment further as he did not have the full details.