Mr. Brendan McDonagh:

The Deputy is talking about the big loan sales purchasers who came in here. Many of these debtors who had better sites and who were attached to those loans have refinanced themselves out of those US funds. The debtor is now being refinanced by another bank. Something which NAMA is prevented from doing which the funds are not prevented from doing is cutting a deal with the debtor to say, for example, that a debtor owes €100 million, the assets are only worth €50 million, and to give the fund €52 million and walk away. We cannot do that. The big US funds which bought many of the loan sales from NAMA and others do not want to hang around. They have been selling those portfolios and that landbank. Much of that landbank has been bought by investment funds and plcs which are into house building.