Mr. Michael O'Flynn:

Well, that's a big question. I've already outlined a lot in my statement ... and mentioned in my opening statement. I think the concept of NAMA might have worked had they embraced the industry and those who were capable of working through. I didn't think it was the right concept. I put into my statement ... I made a submission, I felt there should have been a bad bank in each bank. I think if NAMA was a ... overall credit-controlling structure, it might have had some chance but the kind of skills that NAMA ended up with ... for the kind of undertaking they had to carry out, it was just an impossible ask. They didn't have the skills to deal with companies of our scale or of the type of product we were dealing with. It became ... it wasn't an asset management company, it became a quasi-receivership vehicle.