Mr. Brendan McDonagh:

Every piece of land in respect of which we thought we could work with a debtor or receiver to have it developed if it made commercial sense, we would have funded it. We had no constraint on that. We had plenty of money to do it. We did our best to try to develop every site where we could get the full co-operation and agreement of all the parties. There were other constraints in that we had to generate cash to pay down the debt because the contingent liability was weighing heavy on the State. The Minister was very clear in this regard. We wanted the contingent liability extinguished so it would not be weighing on the ability of the NTMA to raise debt on the markets. That was the big issue.