Mr. Brian Rowntree:

If we look at this in its more plural context, the discussion took place at the early stages of the committee - at the first two meetings. It was not just NAMA selling land; there were other banks that had land portfolios, particularly Ulster Bank, which had a sizeable exposure in terms of the debt. We then had public sector lands that were being sold as part of the programme for Government. What would the impact be of a fire sale from NAMA which was probably a 30% or 35% stakeholder in the lands that were securitised against loans? What impact would that have had across the piece? It would have done nothing but drive down the value of lands; that is the first thing. It also might have stagnated sales for a long time. So the potential would have been removed from the equation.