Mr. Brendan McDonagh:

We have an interest in just over 115 hotels. A total of 84% of our hotels are located in Dublin or the greater Dublin area, Cork, Kerry and Galway. Twelve hotels are closed. The majority of the hotels are owner-operated and an equal number are either operated by management companies or leased by third parties. We have heard the case being made that NAMA hotels are undercutting others. We have had two engagements with the Competition Authority as a result of complaints to it. We ensure our hotels are viable and that they are not engaged in distorting competition. We have given all of the information to the Competition Authority which stated in its report that it had decided not to pursue the matter as it was satisfied with the information provided by NAMA and that NAMA was not engaged in aggressive pricing. It is quite usual for people operating in the market to throw out the glib comment that NAMA is allowing its hotels to undercut others. That is not the way we operate. We made a commitment to the Competition Authority that NAMA assessed all of its debtors to ensure hotel debtors were viable. If a hotel is not viable and is costing us money, we order its closure and will not fund its continued operation. I can assure the Deputy that hotels operating under NAMA are operating fairly on the basis that the Competition Authority is satisfied.