Mr. Michael O'Flynn:

It's ... described as you have, it's not a good legacy at all but you have to ask yourself the question "How did this happen?" Why did we allow property fall below replacement cost? 'Cause that's what we did and that's what these people will do when they see property falling below replacement cost. And I've outlined already to this inquiry that the NAMA model caused property to fall below replacement cost 'cause they talked down their own product, they talked down their own ... their own borrowers. 'Cause, at the end of the day, other than properties that NAMA have taken ... enforced on, if the borrowers owned the property. So, we've allowed a situation where values kept dropping and that's what's created the opportunity for the external capital companies to come in. No, what you describe is not a good situation and I think it's a great shame the amount of money that has been wiped off property and off property companies, and the amount of money that property companies' individuals have suffered. Because we are described as ... as a bunch of people who ... who didn't behave well. I can assure you, Deputy, I behave well and my company and others like me have behaved well. What has happened is ... is terrible. It should never have happened. But I - like others like me - stayed around to try and find a way through and that's what I've been trying to do. And it's been a tough, tough time.