Mr. Brendan McDonagh:

Most of the developers I was talking about, who exited NAMA over the last two years, paid off the €100 million plus interest. They paid off their full par debt liability because their land value has now gone way above €100 million. Once the land value goes above €100 million, they can go to another bank or go to another funder and say, "I've got this land bank and I want to refinance my debts out of NAMA." That has happened a lot.