Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. I am not sure if you have followed the proceedings so far, we have had contributors from NAMA in, which talked about, and there has been quite a bit of discussion at the committee in relation to loan-to-value ratios and what were the real loan-to-value rations that were being offered. The suggestion has been made in many cases that the loan to value were 100%. I want to put to you the evidence to the committee of Donal Forde and he said in relation to security and loan approval, it is on page 137 of his evidence and he... the quote is:

the difficulty arose because the security that we held, which in many cases was equity, also began to devalue very quickly. So I think it's true to say that in the way things ultimately developed, we were left frequently where it wasn't cash that we had recourse to, but they were assets that were of much less value.

NAMA has made the point, Mr. McDonagh and Mr. Daly who has been before, is that the loan to values in many cases and what they have seen transferred into NAMA were close to... were 100% in many cases. Do you subscribe or dissent from either of those views presented by Mr. Forde or by the witnesses from NAMA?