Mr. Brendan McDonagh:

Deputy, this is a huge logistical exercise. It was 12,000 loans to 5,000 different borrowing entities with 60,000 underlying properties. So we started the process ... we got European Commission approval at the end of February 2010, the first loan transfer, tranche one, transferred to us at the end of March 2010, and then we got tranche ... we were constantly waiting for the institutions to give us information so we could do the valuation, they were having difficulty compiling all the information together to give it to us, because it was obviously a huge logistical exercise. So we couldn't move forward until we got the information institution, then we had to do our work. We had the tranche two, I think, in August 2010, and at the end of September 2010, we were asked to come up, based on the first two tranches, an estimated valuation for the residual portfolio and that valuation proved to be entirely accurate.

So by the end of September 2010, even though we hadn't the full due diligence got, we had estimated a quantum of loss related to NAMA loans, which effectively was six and a half months from European Commission approval.