Developer Gerry Gannon shared a pay-pot of €783,135 with two other directors in 2009 as losses at Gannon Homes increased by 26 per cent to €63.4 million before tax. Accounts just filed by Gannon Homes Ltd show the firm recorded the loss after writing down the value of its stock and property investments by €55.9 million.

The aggregate pay shared by Mr Gannon with directors Aidan Kenny and Michael Anglim was 54 per cent down on the €1.73 million the three shared in 2008.

The firm’s bank loans totalling €196.7 million provided by AIB, Anglo Irish Bank and Irish Nationwide Building Society have been transferred to Nama. In their report Mr Gannon and his fellow directors rule out a fire-sale of all of the company’s assets. They are confident that “a positive market sentiment will return within a two to five-year period”.