Ms Ann Nolan:

I do not agree with the Deputy. In light of the reasons NAMA was brought in, the Deputy needs to read the word "expeditiously" in conjunction with section 2(a), relating to the purposes of the Act, which states "to address the serious threat to the economy and the stability of credit institutions in the State generally and the need for the maintenance and stabilisation of the financial system in the State".

It is against that background NAMA was operating. We were out of the markets because of the position into which the banks had put the State, although I am not suggesting that was the only factor.