Ms Geraldine Tallon:

I am not sure we actually said that the 2,000 units would be in the system and processed, but we were certainly keen that NAMA would identify as many as possible and that we and local authorities would get into an active relationship of investigation and acquisition, subject to funding being available. However, these are complex transactions. In some cases, such as apartment buildings, they involve insolvent management companies, receiverships or issues with regard to the completion of housing and planning compliance. In the area of due diligence, there has been significant activity.

Earlier this year, NAMA set up a special purpose vehicle to try to get around the complexity associated with dealing with receivers, management companies and different property interests so that the Department and housing agencies could engage with that single purpose vehicle.

That is a sub-structure, so to speak, of NAMA. That is now in place and it should be more effective in terms of making progress. Mr. Michael Layde has been dealing with this and if the committee wishes I will ask him to comment a little more in terms of our relationship with NAMA.