Mr. Frank Daly:

I do not think I will get into the political debate, North or South, on this.

On the overall figures, the CEO is probably better placed to deal with this, as he outlined in his statement this morning.

Today we have the extraordinary situation in which we have repaid €21 billion and there is just over €9 billion left of debt. A few years ago, if we were before the committee we would have felt lucky to be able to say €9 billion had been paid and only €20 billion or €21 billion was left. The situation has been totally reversed.

The docklands investment by NAMA will certainly be well over €1 billion and probably between €1 billion and €2 billion over a period of years. The investment by NAMA in housing will be in the billions as well and all of that is facilitated by good and clever management of assets and cash generation. Members referenced Project Jewel and we got a very good price for that. We would not have got as good a price if, during the process of managing that asset, some of the very bright people in NAMA had not suggested to the board that it needed to tidy up the loan, the asset, because there were loans within the portfolio held by KBC and Ulster Bank and it would, therefore, be a good move by NAMA to buy them out so that NAMA held the whole portfolio.

There were other clever asset management activities during the period so that when we put a portfolio on the market it was clean, intact and easy for investment houses to understand. That happens all the time in NAMA, in big portfolios, small portfolios and assets and it is something we should highlight a bit more. I do not know if the CEO wishes to come in on that but that is where we are. All of the portfolio sales, including Project Eagle, from which we got €1.3 billion, have contributed to the developments and the investments and to the bond repayment NAMA has been able to make. We will have repaid all our senior bonds by 2018, which is way ahead of schedule and way ahead of any reasonable predictions that people would have made a few years ago.