Mr. Brendan McDonagh:

Once NAMA was announced, they ... effectively the banks were concerned that the portfolios were frozen and, obviously, clearly that wasn't in anybody's interest that the portfolios be frozen so a letter went from the Central Bank under the guarantee Act of 2008 which basically said to the banks, "continue to lend to projects but make sure that it is commercially sensible and that it stands up. If it stands up with scrutiny with NAMA, then NAMA will pay you 100% for every euro that you give to keep projects going if it is adding value to the asset".