Mr. Mark Neporent:

No. We submitted to the Republic - I believe that it was to the Minister for Finance, Deputy Noonan - what we called a letter of investment. Our purpose in providing him with that letter of investment, which I assume the committee has, was to have him understand our approach in making this sort of investment and explain that we wanted to be long-term investors and to understand the environment and that this would not be a fire sale, that is, we would not just get the loans and blow all of the borrowers out the door. We wanted to have a longer term relationship. It would not just be a one-and-done deal.

We also addressed guarantees in that letter and said that we would consider the matter on a case-by-case basis. Most importantly in that letter is our preference for having consensual resolutions with borrowers. Across the $80 billion of unpaid principal balance, UPB, that we have bought through more than 40 deals since 2010, the majority of our resolutions have been consensual. We find that everybody fares better when we have that sort of consensual environment. Indeed, that is what happened in this case, with the majority of resolutions being consensual.