Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay, thank you. If I can maybe just bring you back to your statement, Mr. Mulryan, and I'll just bring it up on the screen there, I think it's page 19 of 20 there. And you share with the committee your comments in regard to NAMA. I think it's just coming up there, yes. It's just that lower part of the page. If I can just take the two paragraphs of that, there, Mr. Mulryan. It says:

The establishment of NAMA in the budget 2009 was done at a time of great panic. However, the uncertainty was prolonged. It took nine months for the legislation to be enacted and a further four months for Ballymore’s loans to be transferred into NAMA. This was a very difficult period for Ballymore, especially as most of its activity was in the UK, particularly London, and the market there had little understanding of what was happening with the banking crisis in Ireland.

The reputational damage that Ballymore endured during this period was compounded by the fact that NAMA took over everything related to Ballymore - all loans, not just the poorer performing loans but the good loans and unencumbered assets as well.

Can I ask you maybe to elaborate on the effects of this time lag, and how it impacted upon your business?