Ms Ann Nolan:

Okay ... well, when we liquidated we didn't know we could sell all the assets. So, if the assets sold or ... the assets would be transferred to NAMA ... What happened was, the flow ... the Central Bank had a floating charge on the assets; the floating charge was sold to NAMA in return for NAMA bonds, so then the Central Bank had NAMA bonds. So the Central Bank was okay from day one, it had NAMA bonds and they were Government-guaranteed NAMA bonds. The floating charge then went to NAMA. All the assets were then valued, the valuation, the NAMA valuation set a floor. They couldn't be sold for less than that. If the sales process had bids for less than that, they go to NAMA at the NAMA valuation. In the event they were all sold for more than the NAMA valuation so it never arose. But in the ... had it been that the NAMA valuation added together for all the assets and none of them had sold to the private sector and the NAMA valuation was less than the floating note charge, we could have been left with a ... with a bill, and that's what that is referring to. But that did not happen.