Mr. Michael O'Flynn:

You're absolutely correct. Once NAMA rejected my business plan ... and at that stage ... at that stage and during that process I had made a lot of important concessions to NAMA, serious financial concessions to NAMA.

Once they had rejected my business and presented a plan that was unworkable, I would not repay my loans. At that stage, Deputy, I wanted out. And I make no secret of that fact because, as far as I was concerned, I couldn't do what I set out to do and I wasn't interested in implementing a plan that I had no faith in and I didn't believe in.