Professor Alan Ahearne:

The losses were there because the loans went bad and so if somebody lent €100 million to a borrower to buy a field to build houses in the middle of nowhere and it turned out those houses were not built and that field is now worth €10,000 because there's cattle and sheep on it, then there's a massive loss but that loss isn't ... NAMA didn't create that loss, the transfer didn't create that loss, the money-----