Professor Patrick Honohan:

Yes, it took them until, you know, until way into the autumn before they were finished their valuations. So if they had done it earlier, then we would have had a bigger hole in March and we wouldn't have been able to ... there would have been no prospect of AIB raising the additional capital through sales of assets and so on and so forth. So we would've just ... it would've just brought forward the bad news. And it would have, in my opinion, would have made it unlikely that we would have survived the summer without going into a programme. So, it was inconvenient that NAMA wasn't able to do the job faster, but it was a huge job. It was an unprecedented job.