Mr. Brendan McDonagh:

As the Chairman stated earlier, one of the issues that our debtors and receivers faced was that the planning permission for their sites was not viable in the current environment. We have engaged extensively with the four local authorities in Dublin and have had a very good engagement with them. We outlined the issues that needed to be addressed. First, that the current planning permission was not viable and could that be addressed. We have had a very favourable response. The second issue was that development levies were set for boom times but were not relevant for today's market. The local authorities have been very responsive and have looked at reducing the development levies by up to 25% to 26%, which helps the whole process.

We reorganised NAMA earlier this year and created a new asset management division under my colleague, Mr. John Mulcahy. We have brought a business plan to the board for that asset management division, so that subject to the planning and development levies being sorted out and an increase in demand, we would see ourselves looking at the funding of the development of potentially more than a million sq. ft of grade A office space in Dublin and up to 5,000 residential units in the next three to four years. Where there is a proven demand, we will make money available, because it makes commercial sense to do so.