Mr. Frank Daly:

Well, I think what you try to do is you try to ... particularly for NAMA, as a State body, I think the one thing we cannot do is engage in any speculative sort of ... speculative activity. So, if you take that as a starting point ... but if you take it that there is a market that, for a number of years now, has been pretty much dead in terms of activity, in terms of the provision of much needed office space, particularly grade A space in the Dublin central business district, and if you take, in particular, the problem that there is in housing in this country, or particularly in the capital and some of the other urban areas, then there is a case to step in - for NAMA to step in - both because we have the capital wherewithal to do it, but also because a lot of the debtors who are in NAMA, whether you like it or not, are the ones who have the ... possibly the capacity to do some of that activity.

I mean, housing I think is a particularly interesting one because that supply has fallen to really very, very low levels. There were just over 11,000 completions in 2014, 3,200 or 3,300 of those were in Dublin. The telling statistic is that, of those 3,300, NAMA delivered about 40% of them, so there would have been relatively little delivery of housing in Dublin in the last year or so if NAMA had not been active in that market And that level of completions is well short of what the ESRI is predicting or the Housing Agency is predicting. They're all predicting a minimum of something like 70 to 80 or 90-----