Mr. Brendan McDonagh:

This seems to be almost like a circular movement of money. The Exchequer is at every juncture, by and large. The local authorities and the approved housing bodies, AHBs, are leasing from NAMA. Sometimes, they are getting subventions from the Department of housing to pay those rents. Those rents are coming into NAMA. If we are making profits, we are giving dividends back to the Exchequer again. The money is never leaving the system. It is all moving around within the system.