Mr. Brendan McDonagh:

The reality was that there were 55,000 individual properties in the NAMA portfolio. The information we received on loans was that a loan had been provided and was secured on a particular property. We were not given any indication as to whether the property was, by and large, income producing. Sometimes the income might have been low because the asset had been provided rent-free for a period, which is common, or the debtor had not told the bank that it was generating as much income as it was. We had to systematically go through an exercise to identify how much income individual properties were producing and where this income was going. We then had to ensure it was mandated to us. This is not an easy exercise.