Mr. Brian Rowntree:

The original discussions were about the fire sale of the assets. The conversation quickly went into banking terms in respect of the loan book and the sale of the loan book itself. Its assets and the securitisation of assets in support of the loans were no longer matters for debate. The debate was on selling the loan book. The work the University of Ulster did was around the assets. The NAMA board must have some note in the minutes of its discussions about the change of heart in Northern Ireland, from an emphasis on a controlled and strategic platform to deal with the asset book to one dealing with the sale of the complete loan book.