Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Can I raise the issue of the acquisition of the loans, Mr. Dukes, by NAMA, and Mr. Aynsley referenced this. The discount in the end was 61%, almost €21 billion of a loss crystallised immediately onto the books of Anglo-IBRC. Can you just clarify in terms of the valuations placed on those loans by NAMA, was the bank in a position to challenge any of those valuations or was it a very structured rigid process which resulted in such a large discount being applied?