Mr. Michael O'Flynn:

Well, they should certainly have not disposed of assets and they ... in the early days, which they did. They should have found a way of going back to Europe, going back to the State to ... once they understood the cyclical nature of our business and the likely recovery of that business. When the private equity companies come in here, in great numbers, I can assure you they know what's going to follow, and it has followed. So they should have found a way of doing what banks always did in this situation, they should have worked out the loans and worked out ... with the borrowers who were capable of doing that. And some of the properties that were sold in London and other parts of the globe by NAMA have turned out to be very expensive lessons for the Irish taxpayer.