Mr. Seamus McCarthy:

We have looked back at NAMA's risk register. Brexit could have had implications for more of its property than just the Northern Ireland assets. Some of the debtors in this jurisdiction would also have had property in the UK and Northern Ireland. NAMA's risk register at the time when it decided to sell Project Eagle did not identify Brexit as being a concern at all. NAMA recognised that there would be uncertain economic conditions into the future. It could be to do with any development or shock to the economic system. Figure 3.3 shows that we are not talking about planned disposals in which one decides to hold everything until 2017 or 2018. Many of the disposals that were in the plans at that stage would have occurred in 2014, 2015 and 2016. It could have been that, as markets improved in 2014 and 2015, there would have been opportunities to accelerate it. That would have meant NAMA could have received the disposal receipts earlier. The Brexit shock was in the middle of this year. A substantial part of the portfolio could already have been sold and there might have been opportunities to accelerate more of it. We are in the realms of speculation and the counter-factual, discussing what might have been.