Mr. Brendan McDonagh:

We have made no secret of the fact that we pay people money to help us maximise the value in the portfolios, it is by no means the salaries they were paying themselves before NAMA came into operation. The alternative for us is to appoint receivers where the cost would be a multiple of what it costs us to pay people to help us to maximise the return on the assets. So it is a commercial fact of life for NAMA that we have to maximise the return on the assets and to do it in the most economic efficient way possible, and that's what we do.