Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Could I take the example a little further? The developer's debt would be controlled by NAMA but the developer would continue to manage the centre, for which work he or she would be paid a salary. This relates to examples from this meeting. Would all the decisions by the manager be countersigned by NAMA? Would the developer operate independently? I refer to the setting up of retail deals, the putting in place of leases and the management of tenants day to day. The developer's interest would have changed fundamentally in that his relationship with his tenants would have changed quite significantly under NAMA. As Mr. McDonagh stated, the value of the premises would have dropped from €50 million to €20 million. In Mr. McDonagh's opening address, he referred to the intensive management of assets in terms of securing a loan. How is this reflected in the example? Who would actually be running the show?