Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

In November 2010 a research report on NAMA commissioned by the Construction Industry Federation made a case for what it called debt restructuring, and the main case really was economic inefficiency of no loan restructuring. It states that:

the pursuit of 100% repayment acts counter to NAMA's aims and is economically inefficient. It is vital to recognise that writing off debts - acknowledging the destruction of economic value caused by the bursting of the construction bubble - is an important stepping-stone in re-establishing a viable construction sector.

And then, Mr McDonagh, in 2014 you told a conference that 25% of NAMA debt had been restructured by the end of 2013. What does restructuring mean in that context and was NAMA policy influenced there by the demands of the Construction Industry Federation in regard to writing off debt?