Mr. Seamus McCarthy:

In carrying out the section 226 report we looked at whether section 172 declarations had been made in relation to 80 disposals. What we found was that for 74 out of the 80 there were section 172 declarations available for review. For 55 of those, the asset sale contract was available and the examination team could agree the purchaser from the contract to the declaration. In other words there was a match, the purchaser had made the declaration but for 19 of the sales the contract was not available in NAMA and therefore we could not complete that link. We also established that NAMA case managers do not carry out a formal verification process of the section 172s which is the point the Chairman is making.