Mr. Brendan McDonagh:

When we acquired the portfolio, we got business plans from all the debtors, as is well documented from our previous appearances before the committee. Over the preceding four years, if gaps of security or a lack of cross-collatorisation emerged during our engagement with debtors, we would have remedied the issue. That is part of the normal operations of NAMA as part of our efforts to maximise cost recovery. We were not aware that Tughans was involved with Brown Rudnick at that stage but Tughans would have been aware that we were engaged in remediation of securities in respect of Northern Ireland debtors and the portfolio of assets. I am sure every legal firm in Ireland or Northern Ireland would be fully aware that we are actively involved in managing portfolios.