Mr. Brendan McDonagh:

When we buy units, we buy them from NAMA debtors. In granting approval to NAMA the European Union told us to deal only with NAMA debtors and whatever they produced, not with other matters. We will continue buying units with this special purpose vehicle - NAMA Asset Residential Property Services Limited, NARPS - and to agree leases with approved housing bodies as soon as they confirm to us that is what they want to do.

We are making use of our resources wherever possible. We developed this concept and it has proved itself. It is open to other people to copy the concept. For example, Mr. Whelan has had meetings with the credit union movement and it appears to be very interested in the concept and how it works. Effectively, it involves the creation of a vehicle which purchases the assets on-balance sheet and then leases them out, resulting in an income into the company. Over time, it becomes like a Government bond on the basis that money is accruing per annum. It is a product that we believe an insurance company, perhaps, would be interested in buying in the future because, effectively, doing so is akin to buying an income stream similar to that of a Government bond. All that is required is a bit of management and two people to run the entity into which thousands of units can be put. We developed this entity from scratch and we have streamlined it with the leases. In terms of the legal contracts involved, this is a technical concept but one that is eminently doable. All that is needed is the necessary finance and interested parties such as insurance companies, the credit union movement or other funds. It can be done. It is not a huge overhead.