Oireachtas Joint and Select Committees
Thursday, 14 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Richard Burrows:
Well it always is a subjective process, except when the loans were issued, there was a free market operating. Properties were being bought and sold, landbanks were being bought and sold, there was a determination of what market value was. In the period that we are referring to here, that market had pretty well come to a complete halt. Therefore, it was extremely difficult, I think, to try and assign value in those circumstances.
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