Mr. Brendan McDonagh:

I can assure you we're not influenced by the CIF because when the CIF issued that report I think we issued a quite robust response to it. The whole issue, as far as NAMA's concerned, is that when we restructure a debtor's debt - and we explain this in our 2010 annual report - is that we split the debt into two categories. One part of the debt is called tranche A, which effectively is what we ... after assessing the business plan what we think the ... what will be recovered on the assets and any additional security the debtor can actually give up.

And then tranche B is a sort of ... where the debtor still owes tranche B, but unless there was some sort of a super performance in terms of recovery in asset values, only part ... an unlikely the whole amount of tranche B would be repaid, but the debtor would still owe the full amount.