Mr. Frank Daly:

That is probably getting into an area of policy, which is difficult for me to comment on. There are many restrictions in the NAMA Act, including not selling back to defaulting debtors and all of that. I would say that, in the aggregate, those measures were probably quite positive from the point of view of NAMA's business. The expeditious point is in the Act a few times. That is our mandate and we cannot really depart from it. The point Ms Nolan made, or perhaps it was Deputy Madigan, was that there is a tension between that and getting the best value. There might be some validity in that but, at the end of the day, an asset management agency has a number of objectives. It must manage the assets, not necessarily retain them. It also has the objective of getting the market going. Part of that is in actually putting assets on the market.

We were criticised several times in the early years for stymying the market by putting nothing there at all. I am reluctant-----