Mr. Brendan McDonagh:

We are contacted by people nearly every day asking us if certain assets or land is for sale. The reality is if we receive an offer from somebody and if we think it makes an interesting commercial proposition, we will review that case to see if it makes sense to put that asset on the market or not. We work on each individual debtor's portfolio to agree a strategy to work it out over time and the view may well be to hold the asset and seek new or revised planning permission to improve the value of the asset. Then we might decide to give funding to that owner to build out. That could be a scenario.

We had a scenario last year where we had lined up a joint venture partner to buy land in south County Dublin from a receiver to form a joint venture to build residential units. The receiver received an solicited offer higher than the amount our joint venture was prepared to pay and we told the receiver he had an obligation, which he knew himself, to maximise the return. He put it on the open market and he got double what we were prepared to pay. Any time there is a commercial opportunity that will maximise the return, it is looked at.