Mr. Frank Daly:

I might take the Deputy's second and last questions and link them, if that is appropriate. Deputy Wallace asked if we are under time pressure, how much autonomy we have, etc. We are an independent board. Our mandate is the Act. We do engage with the Minister from time to time, and it would be wrong of us not to do so. Generally, we would have a review of our strategy every year. Sometimes he would come along to that and engage with us but at the end of the day the strategy for NAMA, by and large, is that of the board, and we can talk about that right from the beginning.

The strategy was to not dump assets on the Irish market in 2010, 2011 and 2012. That would have only done more damage to a fragile market. That market was recovering in 2013 and NAMA was getting more active in the Irish market; in the earlier years being very active in the United Kingdom market, which has been quite good to us in terms of realising our assets in the UK; and all of that feeding into our capacity to repay debt and invest in housing or the docklands. That is the strategic policy of NAMA set by the NAMA board. I certainly will not deny that we would engage with the Minister from time to time but he has not directed us in any particular area; he has left it to us. We can all argue about whether it was the broadly right strategic approach along the way, but we are convinced it was the right approach.

The Deputy is right that part of that is our focus on paying down the debt. I am not talking about the wider issue of debt repayment in the State, which certainly would get me into a political area, and I am not making a political statement when I say that NAMA's priority is to repay its debt. I and my board colleagues believe that that contingent liability is a drag on the State and that until NAMA has it paid off, it will remain there and it could impact on Ireland's standing in the financial markets or whatever. That is our strategy, and we are well advanced on that. We are probably two years ahead of target and we will have that senior debt, and it is the senior debt that is the contingent liability, repaid by 2018. All of that is a strategy devised by the NAMA board, continually reviewed by the NAMA board and based on whatever expert input we can get from the Executive or external experts. It is our strategy. I am not making a political statement when I say that we regard debt repayment as a priority. I am saying that is the NAMA strategy and that is the view of the board of NAMA, and the Minister has not put us under great time pressure or anything like that.

To go back to the Deputy's final point on the biggest social dividend, I still believe it is to repay the debt and along the way we are generating enough cash, thankfully, to invest in housing and in the docklands.

The Deputy raised another issue about state aid and social housing. State aid is not really the barrier in terms of social housing. The state aid issue arises with regard to the plans of the National Asset Management Agency, NAMA, to build 20,000 private houses for the market. The state aid concern of Brussels lies more there than in whether we offer, as we have, 6,000 houses for social use. That is not an issue that concerns Brussels too much.

As for the docklands SDZ, the Deputy referred to the decision that there would be just 2,000 residential units - the same point was made by Deputy Maureen O'Sullivan - and asked who had made that decision. It was made in the context of the designation of the SDZ, around which there was wide consultation. Any interested parties had the option of making an input to that process and we did as well. I believe the Deputy acknowledges that the anchor programme in the docklands probably is prime commercial office space, which is badly needed in the central business district in Dublin. Perhaps Mr. McDonagh has some other points.