Mr. Brendan McDonagh:

We have one major site on the border of Dublin and Wicklow. The infrastructure cost alone before one can build a house is something between €25 million and €30 million. One has to put that in before one can actually build anything on it. Given our timeframe, it is probably not going to be viable for us to put that level of money in before we can start construction. Over time, while that might be built out - that might be an excellent site in an excellent location - it will be long past NAMA's lifespan. These are sometimes the difficult decisions that we have to make.

Another site has an issue where effectively the National Roads Authority has to put in a spine road before that. It does not have the funding to do it. We have another site in Wicklow where one of our clients has built a lot of houses and wants to continue building houses, but unfortunately Irish Water needs to improve the whole water infrastructure. The cost of that infrastructure is, I believe, between €50 million and €60 million because it is going to serve the whole area and Irish Water does not have the funding to do it. The client wants to build 200 houses extra. Irish Water says it does not have capacity for it. The client has got permission to build 25 more houses because that is the maximum Irish Water can connect to the network. The site has planning permission but third parties outside our control, like the National Roads Authority and Irish Water, have other issues which are preventing that. We are funding any site which is commercially viable because it makes sense for us to do that; we make money. It also provides housing. No matter what NAMA can do, we cannot do Irish Water's job and we cannot do the National Roads Authority's job.