Mr. Frank Daly:

Section 10 is a constraint but it seems that, in 2009 and 2010, it was a sensible one. We were set up to take unviable property assets from the banks. To do that we issued almost €32 billion in debt. That last thing one wants is for an organisation that has issued that debt, backed up by the State, to take decisions subsequently that are simply going to increase it rather than reduce it. If one ends up committing to funding projects that are not viable or losing money, one is adding to one's debt rather than reducing it. The decision was sensible.