Mr. Kevin Cardiff:

Yes, the discount was higher because as NAMA went through the exercise of valuing each loan, one by one, it was finding flaws, and, remember, if you are relying on collateral, most loans you never get to the point about worrying about the collateral in the normal course. People get the loan, they pay it back, that's fine. But if you get to the point where you're worrying about the collateral, then if there's any flaw in the legal documents, just as an example, you're loan is worth less.