Mr. Brendan McDonagh:

Vulture funds look at this in another way. They will only pay what the underlying assets are worth. If the underlying assets of €16 billion of loans only amount to €5 billion, then the vulture fund will only pay the bank that €5 billion. The vulture fund will then try to earn a return on that €5 billion, generally looking for at least 15% per annum. That is a very high return. A longer-term investor, however, might be satisfied with a 5% return per annum.