Mr. Frank Daly:

I thank the Deputy for his comments. In my opening statement I said that a lot of the unfounded allegations and inferences that are drawn about NAMA are obviously damaging to the organisation and to the individuals involved. Some 400 people work in NAMA. They all have families and some of the comments made from time to time are very difficult for them to take.

I have not gone so far in my statement as to address the question of whether these statements, inferences and untrue allegations are damaging to the country in a broader sense. Statements can be damaging if they are unrefuted, though we will continue to refute them, whether NAMA is successful or not and whether or not it enhances Ireland's standing with markets, rating agencies and internationally.

The Deputy spoke about the slow recovery in the property market. I think NAMA played no small part in this because of its strategic decisions around investment and divestment in the Irish market. We did not sell when the market could not absorb it and when it could have damaged it further. We began to sell assets when the market could absorb them and we created a dynamic in the market which is now having broader positive effects.