Mr. Conor O'Kelly:

Technically, it is not difficult. It is already in existence within the NAMA structure. Essentially, we would be copying it. We know it works. We know that in an administrative sense we could replicate it as a vehicle. It is not a new idea and therefore we are not concerned about whether it will work.

I realise the other Deputy expressed a view that it would not be as scalable as we thought. However, from a financing point of view, the Ireland Strategic Investment Fund could invest €250 million. We could have an additional €250 million, €500 million or €1 billion. It could continue to grow and be an effective vehicle. It could be an income-producing vehicle controlled by the State in that sense and it could be run by whoever. It could be run by the NTMA or someone else - it does not bother us where it sits.