Mr. Brendan McDonagh:

No, I do not accept that at all. We were very clear with the Minister for Finance in 2015 that there were only about 14,000 units in the portfolio which we thought were commercially viable at that stage and others could become commercially viable in the future. A number of debtors who were with us paid off all the debt they owed to the taxpayer, left NAMA and brought their considerable land bank with them of potentially 9,000 units that could be delivered. If they paid off their debt to the taxpayer and went elsewhere, then their values improved because of the support from NAMA while they were with us, as we helped them to get planning permission and put the infrastructure in place to get sites shovel-ready. Therefore, those units that we count in as direct would never have happened without the work we put in in the early years while these debtors had nowhere to go, and they needed our support to stay in business. They eventually paid off all the debt they owed to the taxpayer. That is an important consideration.