Mr. Frank Daly:

Business risk, debtor engagement and fractious engagement are certainly mentioned in NAMA papers. They might not necessarily have been mentioned in the minutes of the board meeting. It was the right time for a number of reasons. First of all, we had an interest. Second, the engagement with Northern Ireland debtors was increasingly fractious. Contrary to views that have been expressed here and elsewhere, we did not see any great evidence that the Northern Ireland economy was growing.