Mr. Brendan McDonagh:

It is a very unsatisfactory situation and it is very difficult for the people involved. That building was built by a debtor who was one of our biggest debtors and who decided to go bankrupt. It was built in 2006, almost four years before NAMA came into operation. We had appointed a receiver over Mr. McNamara's asset and among those assets are 18 apartments in Longboat Quay.