Mr. Frank Daly:

It is important to say, to go back to the point of does NAMA continue to chase the full debt where we can? Yes we do. We have to be realistic and say that in a lot of cases that is not going to happen. If that was going to happen, you could really have left all these things with the banks. Could it happen if NAMA had the luxury of waiting ten or 20 or 30 years, as indeed a lot of our debtors would actually like us to do? Possibly. But nobody, and I don't think anybody in this room, or anybody in NAMA, or anybody in the banking system can actually indicate what is the one day that the market will peak and dispose of our assets, or hold our assets until then. Anybody in the business will say that you can't predict that. For NAMA, with the additional constraints of senior debt, contingent liability for the taxpayer, we have to be active in the market.