Mr. Brendan McDonagh:

Let me put it this way. When every debtor came into NAMA, we asked them to produce a business plan. These business plans were reviewed by a third party independent reviewer. We looked at the business plan ourselves and presented it. In some cases it went all the way to the board. We know what we paid for the loans. In some cases the board set a repayment target based on the value of the assets. In all cases the value was much less than the target set by the board. If the debtor was able to hit the target, that was the target set by the board.