Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The report referred to up to 12% at the end of 2007, at which time just under €17 billion worth of loans had moved off the balance sheets of the larger credit institutions.

The key is that they moved off the balance sheets. It is not a case of mortgage securitisation because some of them remained on the balance sheet.