Mr. Frank Daly:

We have certainly never ... and I don't think there has been any deceit of the public about the true cost of NAMA. It's been absolutely upfront from day one. We go back ... I go back to the discussion that was had earlier with Deputy McGrath. There had to be a solution. We had an extraordinary economic situation at that time. The whole credibility of this country was at stake. Fundamental to that credibility issue was what was going on in the banks, what was on the balance sheet of the banks. The whole ... to quote somebody, I think from Sweden, a hole in the balance sheets of the banks is a hole in the balance sheets of the banks. Don't let's fudge it. You had various options, which were open to Government, and I'm not going to get into a political debate. The asset management agency approach was taken, given the scale of what was involved in Ireland, and that is what ... that is the mandate, that's where NAMA started from.