Mr. John Corrigan:

Well, I was on the board of NAMA - I was an ex officiomember - but I wasn't involved operationally in ... in NAMA. But the haircuts ... the haircuts would have arisen, to the best of my recollection now, and I'm struggling a little bit here, on the basis of the fall in the property values - the underlying property values - which would be an obvious consideration, but also the fact that, in a lot of cases, the supporting legal documentation was deficient. So that, in taking over the loans, the ability of NAMA to rely on the underlying collateral, on foot of legal enforcement, was undermined by ... in the absence of those documents.