In the week that the first tranche of loans are transferred from the banks to the National Asset Management Agency some stark realities are becoming obvious.

Such is the poor state of some of these loans that it is now likely that the wrecking ball will swing into action on some unfinished housing developments.

The report opens with a sitting of the Finance Committee. Brendan McDonagh, Chief Executive, of the National Asset Management Agency seated. R

Reporter Michael Lehane, "Brendan McDonagh's words about the more uncertain future facing some of NAMA's properties closer to home were stark."

Camera pans across an unfinished housing estate.

Reporter Michael Lehane, "These are the ghost housing estates where at least half of the units are either unfinished or empty."

A  graphic shows figures for the numbers of ghost estates.

Brendan McDonagh addressing the Finance Committee, pointing out that it is likely that housing developments will have to be knocked down.

Reporter Michael Lehane walking along country road, "And so it is no surprise then that this talk coming from official circles that some properties may have to be demolished is being listened to very carefully here in the Midlands. And those elected representatives here are wondering are demolitions now inevitable."

Mae Sexton councillor on Longford County Council, "It is deeply regrettable that such developments have to be considered to be knocked but ultimately if they are unsafe and if their value is worthless we have to go that route. But it is a huge problem coming down the line for local authorities."

Dr Brendan Williams, lecturer in urban planning University College Dublin, "The real issue here is going back why were these developments ever allowed to be or created in the first place. It is the responsibility of the elected councillors to create and adopt the development plan including zonings and rezonings which is supposed to be based upon adequate assessments of demand for housing etc and where it would be best located. So a real question arises here as to why were these developments ever allowed in the first place. It is obviously a huge opportunity cost to actually demolish what are barely completed or recently completed buildings."

 Mae Sexton, "Look it wasn't rocket science and you didn't need a degree in rocket science to know that the houses that were being built didn't have the clientele for them and nobody seemed to shout stop or say we must examine where we are going from here. And that is regrettable and that is why we find ourselves where we are today."

Shots of housing developments awaiting completion.

Michael Lehane, "Another reason that led to the huge numbers of houses and apartments being built on the edges of towns and villages was the cheap price of mortgages."

Matthew Elderfield, the Financial Regulator and staff walking in Kildare street. Michael Lehane, "Something the new Financial Regulator says is now at an end when he faced politicians in Leinster House on Wednesday."

Matthew Elderfield addressing the Finance Committee. Describes the banks business models as being "fundamentally flawed."

Shots of a crane moving on a building site and of Willie Slattery speaking.

Michael Lehane, "This week too there was a damning assessment of NAMA by one of the country's leading business figures. State Street Chief Executive, Willie Slattery, criticised the secrecy surrounding the organisation and he said it could waste 15 billion Euro."

At the Finance Committee meeting Michael McGrath TD asking a question answered by Brendan McDonagh.

 Dr Aidan Kane, an economist at the National University of Ireland, Galway, "We are now beginning to see in a reasonable amoun