Mr. Michael Moriarty:

We were still only going to do deals that were right. This relates to Deputy Burke's question on whether there was pressure. There was no pressure to do a specific deal. We had large cash targets set for us every year, as every business does, and we tried to translate them down. The board had set a target that, by the end of 2014, NAMA would have redeemed 50% of the original bonds, which was quite a step up. That translated down into those of us at the coalface getting a cash target that we tried to realise in the course of the year.

The IBRC liquidation and the potential for NAMA having to take on such a large tranche of additional loans was in the background and working its way through. We were only relieved of that additional task by the fact that the liquidator was successful in selling the loans in Project Eagle-type transactions, that is, large chunks.