Mr. Brendan McDonagh:

No. If a local authority wanted the units but did not have the money to buy them, NAMA would buy the units and lease them to the local authority. We have a special purpose vehicle that holds almost 1,400 properties, which are being leased to local authorities and approved housing bodies all over the country. In such cases, we stated that the capital was not needed upfront and that we would take a long-term income stream. We created a vehicle for that. It is on NAMA's balance sheet and will have to be sold or something will have to be done with it when NAMA is wound up in 2020 but that is a decision for another day. We told the local authorities and approved housing bodies that they did not have to have the money upfront. If they wanted the units, we would find a mechanism to deliver them.