Mr. Brendan McDonagh:

The board is working on the wind-down of NAMA at present. We will submit the report to the Minister within the next month or so. We expect that the report will ultimately be published by the Minister if he accepts it. We will plan each year from 2022 to 2025 for how the portfolio is going to decrease, how we are going to decrease staff numbers and how we are going to deal with the residual portfolio and try to enhance value on it. We will cover all the aspects the Deputy would expect in any wind-down plan.

The board is very clear, as I am, that 2025 is it and NAMA is not going to go on past 2025, but there is still some considerable value to be unlocked between 2022 and 2025 on our residual portfolio, which will add to the expected surplus we mentioned earlier.