Mr. Brendan McDonagh:

NAMA has done a lot on the social front. We offered over 7,500 units to local authorities and AHBs and only 3,000 were accepted. Add to that the fact that NAMA never actually owned the properties, which were owned by debtors' receivers. Between 2010, when NAMA started, and the end of 2013, when Ireland was still under the troika and in the bailout, NAMA could not have funded new housing development because we were subject to state aid rules. The cost of building a house would not have been recovered in the price it could be sold for. That changed from 2014 onwards and we started funding development of houses.

We have been involved in 42,000 of them since that period. We received a state aid complaint from a number of developers that we were distorting the market. That went on for three years. We were able to demonstrate to the European Commission that we were not involved in any illegal state aid. People forget that as soon as it became possible to fund, people could get more for a house than what it cost to build. We started this in 2014. We go on with it. In 2015, the then Minister for Finance, Michael Noonan, set us a target-----