Mr. Brendan McDonagh:

Because there is a view and we would have heard it, and myself, the chairman and my colleagues would meet the CIF and Property Industry Ireland has asked is NAMA becoming a developer. We have said we are not a developer and that we are there to provide a strategy and funding, if required. That is what we are about. We are not in the business of becoming what traditionally has been a developer and sometimes developers are seen, rightly or wrongly, as being engaged in speculative activity. We are not engaged in speculative activity.