Mr. Michael Layde:

As Ms Tallon said, the difficulty was around the complexities with which we were dealing. There was a common perception that property transferred to NAMA but in fact it was loans that transferred to NAMA with associated property. In the initial phase we had to work through the labyrinth that was described in terms of NAMA dealing with us and then in turn having to deal with the developers where they were still in control of their properties or, in some cases, receivers. That gave rise to a delay in terms of the level of ambition for this project. The thinking behind setting up the special purpose vehicle, SPV, was to short-circuit that by actually transferring property, so the SPV becomes the owner of the property and that in turn makes it easier for local authorities, the non-profit sector or the approved housing bodies to lease properties-----