Mr. Brendan McDonagh:

I am not aware of the current position because I am not dealing with the banks. At the very start, the European Commission was specific about the type of loans that NAMA could take. It said we could only take land and development loans and associated loans of a debtor if they had a land and development loan in the first place. The banks' books - and I do not know what the quantum is - contain loans which, as the Chairman specified, are properly buy-to-let or other commercial properties but did not have any land and development loans at that time so they were not eligible for transfer. That was not controlled by us. It was controlled by the European Commission.