David Cullinane (Waterford, Sinn Fein) | Oireachtas source

What is interesting about this is that this was in November 2013. It talks about 70% of the North of Ireland's portfolio being completed property and income-producing; that NAMA has approved €140 million in new money advances; a small number of cases had to be enforced in the North; that the agency's enforcement was proportionate to the scale of its exposure in the North and was not really different from what was happening in the South. The document then says that as it transpires, NAMA's commercial approach had been aligned with this, which would have been working out the assets.

My point is that nowhere in this does it refer to difficulties with debtors. Nowhere does it point out that there is a real motivation that would lead us to having to bundle all of the assets and get rid of them because there is a problem here. We can only work on what we have. This seems to contradict the rationale being given to us by NAMA to justify the change in sales strategy. Maybe the Comptroller and Auditor General can comment on that briefing document and his understanding of it.

My point is that at all times we have asked NAMA to justify why it changed its sales strategy. What was the basis for it? Was the board given the information it needed? On what basis did it make the decision to change from the work-out of the assets?