Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. When NAMA came before the committee, they gave an example of the lending model that was in place, and I'm just putting this out to see would ... did it kind ... was this related to the context of those conversations. Whereas where Mr. Daly says - he gives an example of the loan modelling - a developer would come in, they would borrow to develop a particular site.

The equity in that would increase because there was, kind of, very vast property inflation at the time. So when that was complete, in fact, the value of the property would be probably in excess of the original loan and there would be a significant degree of equity. The developer would then go for another loan and the securitisation and the deposit would be based upon the equity in the earlier ... there was no cash transaction-----