Mr. Des Carville:

One way of looking at it is through reference to an exercise the Comptroller and Auditor General carried out at the end of 2021. The C and AG calculated that NAMA's annual return would be in the order of 6.7%. This was against a 5% expected return when NAMA was established and we were going through the state aid approval process. There is any number of ways of measuring these things. It can be difficult to measure the counter-factual - what would have happened if the agency had not been established, where would the banking system have ended up and how much extra capital would have had to go into the banks if they had to manage the assets and loans themselves. In fairness to NAMA, the outcome is good.