Mr. Brendan McDonagh:

If one take €2 billion off the €20 billion commercial bill, he has another €18 billion worth of loans to sell which are on the market at present. I know many of them have gone into the second round but the liquidator runs the process completely independent of NAMA, because he is obliged to do that under the IBRC liquidation Act. Only when he has the sales process concluded will he notify me and the Department of Finance to say this is the amount of loans he has sold and this is the amount of loans that will come to NAMA.