Mr. Michael O'Flynn:

It's a building that any modern, growing city should want and should have. Unfortunately, the timing was terrible in that it probably took us a year to a year and a half to get planning, and it probably took us two and a half years to build. So when you press a button ... and we had a lot of equity put into the Elysian, when you press ... and put a lot of equity into finishing the Elysian, and I think we brought it to the right stage. Unfortunately, the reason it's spoken of so much, and I'm happy to bring it up as an example to answer you question, Chairman, is that NAMA refused to allow a fit out of the Elysian, and had that happened it would have been occupied immediately. We subsequently had some units fitted out but had all the units been fitted out day one, every apartment would have been occupied. It will recover in time. It will take some time, unfortunately, but it's ... it's a development that Cork can be proud of and that will always work in Cork. And remember, this was all appraised; we didn't just ... we were working off house prices of the day. We were working ... we had done our construction cost analysis. So you might say the prices seem crazy but I can tell you, we would not have started that without the appraisal being signed off by the bank - and it was one of the pillar banks - by the sales, by the construction. So we ticked all the boxes that we always ticked but we never expected the prices to fall to the extent they fell.