Mr. Frank Daly:

If Deputy Aylward wants to look at 2020 as the end of NAMA's life, then it is possible that is when it will happen. I also mentioned that we will have a rump of assets left at that time whose value, in terms of a financial return to the State and, possibly, whose value in terms of the State being able to influence what happens on those things, will happen not by 2020 or 2021 but certainly in 2022 and up to 2025, including the Glass Bottle site. Can we have a role in that? They are assets under management of NAMA. We have an obligation to get the best financial return for those. I suppose our view is we need, as a board, to be assured that we can do that in one way or another, and there is a discussion to be had about how that can happen.

The reality is that if one goes back to what has been said today, we have demonstrated - and I have not come in here to blow our own trumpet or anything like that which I know will provoke a reaction - that we have actually been quite successful over the past eight or nine years in repaying the subordinate debt, a third of which is gone. Particularly I suppose to the point made by Deputy Aylward, the Dublin docklands is actually a great tribute to the coherence, direction, funding and skill-set of NAMA. That place has been transformed. At this stage, 100% of that SDZ that was in NAMA's control is either constructed, under construction or with planning. The project has been transformative.

In housing, and again going back to the figures we have been mentioning, the reality is NAMA has been delivering houses since 2014, quite successfully in a difficult market and with all of the constraints we have. We have been able to do that because of our team's skill-set, experience and expertise. If there is a role for that in future, then we would be more than willing to play it but it is not in our remit to decide that. There is an issue with the European Commission, and I think we have to respect this. The European Commission does not wish to see NAMA taking on any additional responsibilities or areas of work. I do not think that the European Commission has any problem with NAMA working out its assets and maximising that value. It would expect that of an asset management agency. These are decisions for elsewhere. To quote Dickens, "Barkis is willing". We are willing if there is a need.