Mr. Brendan McDonagh:

For example, the first asset management companies in Europe were set up in the mid-1990s in the Scandinavian countries. From dealing with someone in Finland, I am aware that a company was set up there called Arsenal, like the football club, which was its NAMA. It had sold almost all its assets by the mid-2000s but there are still four or five people working there, dealing with litigation which remains ongoing. It can go on for ever and there are constantly new challenges. We hope that will not happen in NAMA's case. We are working towards resolution and we favour mediation. Due to the fact that the costs are huge on both sides, we always ask if we can do mediation. Sometimes the other side will not do it but, thankfully, there has been a move towards it.