Mr. Brendan McDonagh:

I think I know what Deputy Stanley is getting at and if I have not got it, he can always come back to me. In terms of the social housing, our figures show that there have been 133 delivered to date. We would wish there were many more and we would hope to have the best part of 400 delivered by year end. This is what we are working to achieve but the issue has been to get it set up and trying to find a way to deliver it quicker.

On the timing of the benefit to the taxpayer, the reality here is that NAMA paid bonds to the banks, the banks brought those bonds to the ECB, the ECB wants that money back and we must realise our portfolio. Any time that we can sell an asset where we think that we will get fair value for it, we will use that to sell the asset and get the cash to pay off the bonds to the banks so that they can reduce their liability to the ECB. I suppose the benefit to the taxpayer, as Mr. Daly outlined, is the quicker that we can get rid of what started out as almost a €32 billion contingent liability to the taxpayer and get it down to zero. Our plan is to get it down to zero by 2020. We will only get it down to zero by 2020 through two sources: first, by keeping our costs low and taking as much rental income off the properties until they are sold and second, by selling the underlying properties or the loans themselves. That is how it works. I hope that explains it to the Deputy.