Mr. Brendan McDonagh:

Nothing went wrong. We were working to pay off all our debts by 2020. We paid off our Government guaranteed debt by 2017, which was €30 billion. Our subordinated debt was due in 2020 for the private investors, we paid that off in 2020 and we gave a €2 billion surplus back to the Government in 2020. The view of the Minister at the time was that we were continuing to work on a number of things. First, we had additional money we could make out to the portfolio and were able to demonstrate to the Minister that we could do that, so he said if NAMA gives me €2 billion by 2020 and the best part of another €3 billion by 2025, that is a good thing for Ireland Inc. Second, we are continuing to fund a number of house builders that are continuing to build houses and it was also important that we continued to do that. Anything we do in social housing or for sites for schools and so on, which we have been doing and facilitating, is also important.