Mr. Brendan McDonagh:

When we acquired the portfolio at the very start, our debtors controlled less than 30% of the development land in Dublin. That meant that other people who were not in NAMA had 70% of the development land in Dublin. We watch what is going on with land and things like this. There is not much happening on a lot of that land. We are not the only player in the market. We accept that our debtors are reasonable players when they are all close together, but there are other major players in the market who have a lot of land.