THE PROPERTY companies jointly backed by troubled developer, Taggart Holdings, and stockbroker Goodbody's private clients, are maintaining their interest and loan repayments to the banks.

Belfast-based Taggart Holdings, is a shareholder in three joint venture companies with private clients of stockbroking firm Goodbody.

The companies, including Taggart Homes Belfast numbers one and two, were set up to invest €300 million in sites around Belfast on which they planned to build and sell houses, and were funded with a mix of debt and around €30 million in equity from Goodbody clients. Taggart Holdings was placed in administration at the request of Bank of Ireland and Ulster Bank two weeks ago.

This did not affect any of the Goodbody-backed joint ventures, which are separate companies, but it means that the administrator is effectively a shareholder in the three firms.

Taggart Holdings itself does not have the cash needed to maintain interest payments to the joint ventures' bankers, which are understood to include Anglo Irish Bank and Bank of Ireland.

The Irish Timesunderstands that the joint venture companies themselves are structured and funded to pay any interest or loan repayments that are due and are maintaining these payments. If the administrator were to decide to sell Taggart's interest in the joint ventures, Goodbody's private clients have to be offered the shares before any other potential buyer.

According to returns filed by Taggart Homes Belfast number one Ltd, Taggart Holdings had 25,000 of the company's issued shares, while Goodbody nominees held the balance.

The return covered 2006, when the companies were set up and began buying properties.

Taggart is said to owe €150 million to the two banks. Garth Andrew Calow of PricewaterhouseCooper's Belfast office is the administrator, while Billy O'Riordan from the firm's Dublin operation is receiver to four Taggart companies in the Republic.