Michael D'Arcy (Fine Gael) | Oireachtas source

I put it to Mr. Nyberg that the report was concluded and presented at some stage in late 2008, based on the night in question which was the end of September 2008.

The establishment of NAMA took place within 12 months and on the transfer of loans of €72 billion - as Deputy Doherty pointed out earlier €62 billion of the €72 billion was with 190 people - at the establishment of NAMA, there was a 58% haircut or reduction. Let us be generous and say that approximately 16 months later there was an almost 60% reduction or haircut - one can use whatever term one wishes. Could I have Mr. Nyberg's views on how 16 months later we could have a 60% reduction, in particular for the major lenders? A total of 190 people represented €62 billion while thousands of people were responsible for the other €10 billion. The loans of 190 people represented six sevenths of the total amount.