Mr. Declan Reid:

It is important to take into account how the NAMA board interprets the Act. NAMA sets out its interpretation of the Act each year in its annual statements. One phrase that has recurred in each annual statement is that NAMA's principal commercial objective, based on section 10(2) of the Act is to achieve the best achievable financial return for the State, having regard to the cost of acquisition, etc. As reflected in the opening statement, the key tension that the NAMA board has identified in its mandate is that balance between best achievable value and expeditiously exiting those investments.