Mr. Martin Whelan:

I have one further point. Deputy Coppinger asked whether we were sitting on land. She is very aware of the development financing model that built up during the boom. The loans we inherited were secured on sites that had no planning or planning that simply could not be delivered. They were in areas that required new local area plans, county development plans or new STZs. From 2010 to 2012, NAMA worked with debtors and local authorities to try to secure planning.

We have a land strategy in place for every single hectare of land within the portfolio. The units that we are now delivering are the by-product of the planning work that was done. We do not work as was previously the case under the model. We work on a cluster basis with local authorities. We go in with local authorities and identify contiguous land, neighbouring land, what needs to happen first and whether it is this side or that side. I understand Deputy Coppinger's point, but, to be fair, there was a large proportion of development land inherited that required a huge amount of intensive asset management and planning work to get it to where it is today.