Mr. Michael O'Flynn:

I bought into the soft landing, by and large, because I never thought that the banking position could be as bad as it was. I always had equity. I knew that equity could be lost. Like, in a development, first of all, you have a balance sheet. But then in a development itself, you have a profit margin; that's the first thing that should go. And then you have equity in the company with ... but no one ever anticipated that the scale of the drop, which was no doubt connected, not to the oversupply, because there was very little oversupply, and I've been a long advocate of this. It was all down to the, you know, to the banking collapse and the establishment of NAMA. Because NAMA's establishment was meant to save the banking crisis. But sure, it expedited it.