Mr. Seamus McCarthy:

When NAMA acquired the assets, the assets had particular characteristics, for example it has been pointed out that land in west Ulster would be a low-quality asset. When NAMA acquired the assets, and the other assets in the north of England and Scotland, it should have taken into account the locations. It has also impaired the assets substantially. The impairment on the Northern Ireland assets was higher, on average, than it was on other assets.