Mr. Tom Parlon:

Yes, I think, ultimately, when NAMA sort of ... agreed the discounting they would have to do on the individual loans ... like it was ... it was quite shocking. But, on the other hand I suppose it reflected ... and this is the issue ... if I was asked, you know, what could I have done after I took up to slow down ... like, it's construction and particularly, housing construction ... is like the big liner that we talk about. It's moving along very slowly and it's very difficult to stop it.

By the time that you acquire the lands, by the time that you get the zoning, that you get the planning permission and then get the finance and then get the people on site and start building it and eventually have to sell it. Like ... unfortunately, a lot of people had bought the land just when the turnover came, at maximum price. And that left them extremely exposed because those lands are ... you'd be lucky to get agricultural price for a lot of them still ... the ones that are outside the greater Dublin area.