Mr. Brendan McDonagh:

I think, Senator, the biggest transfer of loans into NAMA was Anglo Irish Bank, about €34 billion par debt of loans. AIB was the second biggest transfer, of about €20 billion of loans. I think, as I said earlier on, AIB and Bank of Ireland both doubled their balance sheets between 2003 and 2008, and Anglo quadrupled from €25 billion to €100 billion balance sheet. I think AIB got very aggressive into the property business and they certainly probably had ... the consequence of that has been that the discounts are quite high, and whereas Bank of Ireland transferred €10 billion par debt of loans to NAMA, and at a lower discount, because they were more risk averse didn't mean to say that they were fully risk averse, but they were more risk averse than the other institutions, and that's what the discounts signify.