Kieran O'Donnell (Fine Gael) | Oireachtas source

The greater majority of loans that were managed by the GRG ended up in investment vulture funds. In substance, that is what happened. The ordinary business person looking in might ask whether the GRG was set up as a vehicle to sell off loans that were causing difficulties for the balance sheet of Ulster Bank in order that the bank itself would not be seen to sell loans directly to investment vulture funds.

What the bank did instead was move them to a warehouse - the GRG group - for a period and they then found their way into investment board functions.