John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Chairman. Good afternoon, Mr. Cardiff. Briefly, at the start, I want to ask you about NAMA, and, in particular, the effectiveness of NAMA now, I suppose, with ... in reference to what was envisaged before it was established, and, principally, in relation, if you could, maybe, give the main strength or weakness of NAMA in terms of its effectiveness. I also want to ask you in relation to NAMA, we've had evidence from them of interest roll-ups of up to ... of €9 billion on acquired loans, lending backed by paper collateral only, substantial issues relating to varying degrees of due diligence, and significant debtor borrowings across different institutions. And against that background, can you comment on the steps that were taken pre the establishment of NAMA to establish the true loan book positions of the covered institutions?