Mr. Frank Daly:

There were far more, far wider factors than the actual NAMA issue there. I think NAMA certainly brought great clarity to the property end of it, and the real question would be if NAMA hadn't done that, you would still have had those loans on the books of the banks. The capital markets would have taken an even more jaundiced view of Ireland and of the banking and financial system in particular. So what we did was we removed €74 billion, we helped stabilise the banks we helped stabilise their capital adequacy, we gave them bonds which were actually collateral that could be used with the ECB so that, to enable them to get back into some sort of commercial reality or commercial lending. But NAMA and property was not the only issue around at the time of the guarantee.