Seán Fleming (Laois, Fianna Fail) | Oireachtas source

UCC effectively came in as a banking intermediary for the property debt and pension debt. It is all hinging on the value of assets and property. It was possible for it to get IMI as a company and a brand and even continue to use the premises on a lease basis without this €20 million relating to the property. However, because it had liabilities, UCC came in as a financier to clear its debts. UCC also got the assets. Then it hedged it all whereby if something goes wrong, there would be something of a property boom to cover UCC.