Dr. Peter Bacon:

The short answer in respect of the Senator's final question is that, all other things being equal, it is not optimal that realisations have been accelerated to a greater degree. To be fair, however, I was careful to use the phrase "all other things being equal". The truth is that they were not equal. One went to the bailout programme and that programme contained the requirement to accelerate disposals. Ireland needed that bailout programme so it is not a question of what was best for the taxpayer. It would have been a bad decision to say "Look, we are not going to go for this bailout programme because there is this requirement in it and we need to work out NAMA for longer". Other things being equal, the difference between a good investment and a bad investment is often time.