Mr. Michael O'Flynn:

Well, I think it had. I don't see how NAMA could ... like, the banks had an expertise in banking and financial ... albeit everybody had difficulties, but NAMA didn't have the asset management-type property experience that was necessary and it became very clear that the programme was to dispose of assets and there's been an extraordinary amount of assets that were sold at totally the wrong time. But on top of that, a lot of assets lie dormant. We weren't preparing planning permissions, we weren't working on preparing for the shortage that we now have today because nothing happened for a number of years.

So ... if the work was done in that period, which was all part of our plan and I'm sure the plans of others, well, then you would have a much more valuable portfolio today. But you've portfolios now being sold where pretty much nothing happened for a number of years. Like, the nature of our business wasn't a collection of assets, it was a business. You can't let a business ... you have to keep working a business and I am ... we have a sound business plan.