Mr. Brendan McDonagh:

The reality was that when the debtors came into NAMA in 2010, and when the land bank came into NAMA, we supported the debtors with that land. This was in the period between 2010 and what was ultimately their exit. We funded planning permissions. We funded infrastructure. When the debtors exited NAMA, by one means or another, they built on the sites. They would never have been shovel ready without NAMA support. Therefore, if we had done nothing with the land and offered support before the debtors left NAMA, many of the 8,000 sites would never have been built on, even today.