Mr. Brendan McDonagh:

The commercial reality is, Deputy, that when NAMA sells on the debt we sell on the full debt. So if a debtor hypothetically had €1 billion worth of debt and somebody came to buy that debtor's debt off NAMA and the assets were only worth €600 million, then these private equity funds or hedge funds, or whatever you want to call them, aren't charities, they'll only pay you what the assets are worth. They will pay you ... if the market value of the assets is €600 million they will pay you €600 million, they will not pay you €1 billion because that is that, but they acquire the whole €1 billion worth of debt, so as far as the debtor is concerned he's with NAMA today he owes €1 billion worth of debt, he is with hedge ... private equity fund tomorrow, he still owes €1 billion worth of debt.