Dr. Peter Bacon:

I am working from aggregate financial data. As the Deputy will be aware NAMA did not move loans lock, stock, and barrel. What it did was it subjected each and every loan to rigorous scrutiny. I would not have been party, at an individual level, to knowing what the security behind those loans was or what they were worth. There would have been all kinds of cross-guarantees at an individual level, which, working from macro data, one would not have had access to or knowledge of.