Mr. Brian Goggin:

The transfers to NAMA ... I mean, we know that Bank of Ireland's share cut was a significant 43% but significantly less than the 59% average. However, the haircut that applied to the €10 billion or so of loans transferred by Bank of Ireland to NAMA, as I understand it ... the haircut applying to imperfections in documentation and security amounted, on a substantial transfer of €10 billion, to 0.10%. So the evidence here points very much to a bank that had its documentation and security in pretty good shape.