Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

Thank you, Chairman, and thank you, Mr. Cardiff, you're very welcome back. The committee has gone over NAMA in a lot of detail already but there are still certain elements that we want to look into. And one thing I'd like to ask you about is, the first tranche of loan valuations by NAMA was completed in March 2010 and Governor Honohan has written that "it was clear then, extrapolating from this information at the time, that this would be the most costly banking crisis ever recorded", and that's page 76 in the book Lenihan: In Calm and Crisis. Was this clear to the Department in March 2010, after that first transfer of loans?