Mr. Frank Daly:

I removed a sentence from my opening statement in an effort to shorten it for the committee. I regret doing so now because that sentence stated clearly that NAMA wants to be active in any area where there is an emerging business need, so that when business needs accommodation, it will be available for it, courtesy of NAMA or NAMA developers. We are, and have been for some time, in regular communication with the IDA. The reference in my opening statement to prime office space in central Dublin derives directly from an IDA view that there is a shortage of such accommodation which will be required in the context of foreign direct investment.

There is a lead-in time in terms of planning and preparation, and in many cases revised planning is needed. We are very active in that currently.

This is not confined to Dublin; it is anywhere there is a need. Nevertheless, it must stand up commercially in our view and we must analyse a business case that comes from a debtor or others on the basis of need and whether it will pay or ultimately enhance our asset or loan if we get involved. There is no issue about our capacity in funding terms, and that goes back to the very strong cash position in which we find ourselves today and the very strong cash generation we expect over a few years. It comes down to analysing need and ensuring that NAMA can get a return out of the process.

I have said before that much bad money, lending and investment has been evident over a number of years in this country and we are there to sort out the consequences. The worst possible mistake we could make is to fall into the same trap. With Galway, Limerick or Waterford - my own county - if there is a need and the business case stands up, it will certainly be examined. We are working with Enterprise Ireland and recently had a meeting with Forfás. We have also had meetings with Property Industry Ireland, so we are very conscious of those needs.