Mr. Frank Daly:

It is not too long since there was a section 227 review of NAMA, which was a strategic view of how it performed and where it is going. The strategy we are pursuing now is basically the one which emanated from that review. It is really three strands. It is repaying our senior debt and subordinated debt. The chief executive referred to that in his opening statement and it remains the key objective. Unless that is done, there will still be a very serious contingent liability on the backs of Irish taxpayers, even after the repayment today of another €1.75 billion and the fact that there is now approximately €9 billion left of senior debt. That is an extraordinary performance because if we had been in here three or four years ago or even less where we had paid off €21 billion with €9 billion left, people would have laughed at us had we predicted anything like that. The reality would have been that we would have been lucky to have had €9 billion paid off and only €21 billion left. We have actually reversed it. I believe, and I think the Minister also believes, that the key objective of repaying all of that debt should not be compromised for all of the reasons outlined in the chief executive's statement. There are bigger issues there for Ireland about our credibility in the markets and with rating agencies and with access to finance.

The other two strands we are involved in very firmly include the SDZ. Nobody is saying that NAMA will shut up shop in a year or two and abandon the SDZ. We have always indicated that however long that takes, we will be involved in it. It is similarly the case with residential development. We are committed to 4,500 houses at the end of next year and the social housing we talked about earlier. We are doing a great deal of work on planning and infrastructure issues around housing. There will be a long-term deliverable from NAMA in relation to that whether it be in planning, infrastructure or whatever. We will stay there for as long as that takes.

The Deputy's other issue is whether we should suddenly slow down and stop selling, which is what I presume he means.