Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Thanks, Chairman. Welcome, Mr. Fingleton. In relation to the loans acquired to the society by NAMA - you made reference to them earlier - the discount overall was 61% and you spoke about where you feel the discounts were too high. Now, they were the highest discounts of any of the financial institutions and, Chairman, I am referring here to Vol. 1, page 125. Can you explain how you got into a situation where you became partners with developers in terms of profit-sharing, where you gave 100% loans to developers, you took up to 50% of the profit on the development, you charged them a rate of interest? And were they non-recourse loans? So can you give a background in that area?