Mr. Brendan McDonagh:

In simple terms, as we sit here today, NAMA has a €2 billion balance sheet, which we want to get down to zero by 2025. We are planning on doing that by disposing of the remaining assets but also by managing them to improve their value. Some of them are valuable land banks. Of the remaining portfolio, 81% is in Dublin, most of which is contained in the second largest and the fastest growing local authority area in the country, namely, Fingal. We have considerable land interests there and we believe they have the potential to deliver many thousands of residential units, but that has to be worked within the context of the Fingal development plan.

We have quite a large land bank in Kildare as well. They are very strategic assets. In effect, we are working out how much each year we will be able to generate from the portfolio to get that to zero. We also calculate how many staff we need each year. We have just completed this year's redundancy programme, and we will be down to 113 people. By the time we get to 2025 and are closing the doors, that will be down to zero.

There are many moving parts in this. An element of the board's consideration going to the Minister now is one of the most important parts. We have said we can deliver €4.65 billion to the taxpayer. As part of the working out of the remaining portfolio between 2022 and 2025, we have done much anticipatory work. I hope we can add to the €4.65 billion by the time we complete in 2025. That is very important.