Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

We can talk through what Mr. Daly actually said yesterday because I wanted to wrap this up in ... because I had it in my notes. What NAMA, to my knowledge, and I can stand corrected in this, is the biggest national asset management agency in the world, or is a company that holds the biggest portfolio, so Mr. Daly comes with a certain authority, given the job that he has as the biggest of this type on the planet, to my knowledge. So Mr. Daly's testimony yesterday, and I'll get it up on the screen there, it is page 2 and 3 of his opening statement. He says:

While internal bank lending documentation may indicate that loan-to-value ratios were, typically, less than 100% when the loan was drawn, the reality, in many cases, was that a developer's equity contribution was in the form of a rolling-up of unrealised, paper profit from other developments. This was presented as an equity position.

So it would have been presented to your bank and other banks as an equity position.