Mr. Brendan McDonagh:

Yes, I think once it became obvious, really once we got the initial pieces of information from the banks was that the lending was concentrated on a very small group of people - 776 as it turned out - but, you know, when you looked at the top 29 debtors they had €34 billion of borrowings, so €34 billion of the €74 billion that came to NAMA was borrowed by 29 people. I mean in a population of 4.2 million, that's sort of extraordinary really. And they warrant plcs like you'll see operating in the ... like I'm an accountant and, obviously boring in that respect, but I'd look at the UK market and see there that the plcs all there and they'd be probably the size of, you know, €4 billion, €5 billion, €6 billion as a plc and they have access to equity and then you see individuals with you know, sole traders, not to say that they don't have skills, because they do, but it's just the fact that they really didn't have the corporate infrastructure and they might have borrowed €2 billion or €2.5 billion and you just find that ... I personally from coming outside the system found that extraordinary that anyone could borrow that amount of money but that's what happened and, you know, they borrowed from ... and, as the chairman said, this whole issue is that you had borrowed from my institution but the borrower had also gone down the street and borrowed from another institution then gone further down the street and found a third institution, and, by the end of the process, they had borrowed from the five institutions. So-----