Mr. Frank Daly:

Yes. They own 17% each, totalling 51%. However, the crucial point is that NAMA has a veto. Even with our 49%, we have a veto over the activities of that special purpose vehicle, SPV. There was some media comment in recent days about Walbrook Capital regarding some criticisms made by the regulator in the United Kingdom. However, it is clear to us that the regulator was not criticising Walbrook Capital but Barclays for one of a number of reasons. It also is important to note this search for an investor was not conducted by NAMA but by Irish Life and the Department of Finance. However, because of the structure in place, NAMA must approve the new investors.

The Deputy mentioned making sure that not all of what one might call the entrepreneurs were killed off in this process. One can go back to the discussion about salaries and the discussion on the reason we are working with two thirds of the debtors. We are not out there with a mission to kill them off. We recognise that if this country has a viable future, development and the construction industry will be needed. A healthy property sector will be needed, that is, not the type we had in the last decade but a healthy, sustainable property sector. Consequently, one will not find a conflict between NAMA's objectives and endeavours to achieve an optimal outcome and the points made by the Deputy.

On conflicts of interest between the banks and the legal firms, we undoubtedly are highly conscious of that issue. In respect of our procurement of or engagement with any of these firms, there are all sorts of conflict issues. I note that section 45 of the Act stipulates that NAMA must make every effort to avoid or manage conflicts of interest and that it must declare any such conflict, actual or potential, to NAMA. This is something we very much police. Moreover, while I am not here to speak for the legal or accounting firms, my experience is that they take this issue quite seriously.

The Deputy asked about the reference in my opening remarks to sustained modest recovery. What we are talking about and the figure we have referenced consistently is a recovery over the lifetime of NAMA of approximately 10% in property prices from the 2009 base figures. We believe it is reasonable to assume that will happen over NAMA's lifetime. It is the aforementioned 10% that will give NAMA the outcome we talk about, that is, at a minimum, getting the senior debt repaid, plus overheads, plus carrying cost. I hope we will get more than this.