Mr. Brendan McDonagh:

We had enforced against 22 of the 56 debtors in the portfolio, or 39% of them. The enforcement rate in the rest of our portfolio was 38%. We had enforced against Northern Ireland debtors the same as everyone else. We enforce against a debtor and not the assets, as generally it is the debtor rather than the asset that is not co-operating. We had to engage in large-scale enforcement against debtors and the top five debtors accounted for two thirds of the portfolio. We anticipated we would get legal challenges and this would slow the process of disposal. Although we believed we would ultimately win, we could have been years in the courts before the receivers would have been in a position to sell those assets. That is what was happening when the opportunity came along to sell the portfolio in bulk. We had not anticipated that anybody would have been interested, to be honest, and when the opportunity arrived, we were duty bound to evaluate it. We said it was a good opportunity to sell a portfolio at what we thought was a good price.