Mr. Brendan McDonagh:

Effectively that is a financial measure. I totally agree with the Comptroller and Auditor General on that.

NAMA used to go through a process, until the accounting rules changed this year to fair value. We used to have an impairment exercise each year, where one would mark up or mark down the value of one's loans based on the value of the underlying collateral. We would have an in-house management information system, MIS, to which the Comptroller and Auditor General has full access, called an asset sales tracker, where we put in a figure of what we think the value of the asset is going to achieve. We put it on the market and one can see whether we got above or below that, assess it and it is altered at the end of each financial year.

We do have tracking of every single asset in the NAMA portfolio.