Mr. Michael O'Flynn:

There is no question, Senator. By anybody who understands the Irish property businesses and companies that there has been an incredible amount of money lost on the structure that was set up to save the banks but it did the opposite, to work out the industry which it never actually did and we now have shortages and rising prices, which is a concern to everyone, and very few structures capable of actually delivering product which is ... you know, to attract the new money that's needed for development, you need platforms, you need businesses because, you know, and I have recent experience of this. The first question that all of these equity providers who might look at development will ask is, "Who is the company? Do you have a structure? Is there someone to receive the money?" So, all of this happened under NAMA's watch. That's my answer.