Mr. Frank Daly:

The commercial mandate has had to inform our activities. It is the only way we can operate. Otherwise, we would be in breach of the Act. For a couple of years in circumstances in which, as Mr. McDonagh explained, it was not commercially viable to build houses, doing so would have been purely speculative development and would have been irresponsible on our part. As matters changed and the previous situation of commercial viability became a reality, NAMA was pretty much the first body to start planning to build houses again. That is what the 20,000 programme is all about. Remember that we have already delivered 2,300 of those 20,000 units.