Mr. Aidan O'Hogan:

I would like to come in on the NAMA issue. The principal constraint in regard to NAMA is the lack of equity these developers have. While there is finance available, they no longer have any equity. They have the skills and ability and it is clear that NAMA has already financed a number of ongoing house building developments. A number of schemes are operating successfully, but within the borrowing constraints of the NAMA legislation. Further development will emerge over time. The land banks are there and while NAMA has been looking at some of the existing borrowers, it is also looking at other developers or construction people who can deliver and are not constrained by the NAMA legislation and are outside of it. It is a challenging situation, but the biggest challenge arises where developers no longer have any equity. They have the skills and experience and it would be great if they could get the resources to get building.