Mr. Brendan McDonagh:

The thesis the Deputy sets out is the one the board of NAMA adopted. Between 2010 and 2012, we held back intentionally on the disposal of assets in Ireland. While we obviously had transactions in the market to try to get it moving again, we sold less than €1 billion of assets in Ireland. From the start of 2013 to date, we sold an additional €3 billion of assets in Ireland because, as the Deputy says, the market was beginning to recover. In the meantime, we took the income to which the Deputy refers on the assets. We did not want to sell assets which were yielding 9%. We said NAMA would take the income and would wait for yields to come back in, which they have. Offices are down to 5% with some down to 4%. Other assets like retail have come back from 10% towards 6%. As such, that is exactly the strategy we followed and only €4 billion of the €17.5 billion related to assets in Ireland. The other assets we sold were primarily overseas and we took advantage of a very buoyant market in London. One must be mindful that Ireland was part of a troika programme as part of which we had to redeem €17.5 billion of our debt by the end of 2013. We achieved that. We are at €15 billion today. We have competing objectives in that we are not a long-term fund. If Ireland had the luxury-----