Mr. Brendan McDonagh:

Independent reviews have been done on asset management companies by groups such as Moody's. It analysed NAMA versus the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, SAREB, in Spain and the German bad bank. Moody's said that NAMA has been by far the biggest success of those three comparable bodies that were set up in the same time. Even the troubled asset relief programme, TARP, in the US, which was set up in late 2008, has had a performance of somewhere around 1%, although it has been a few years since I have seen its figures. Even on the measures that were set up by the Comptroller and Auditor General in the section 226 report, our performance has been up around 7%. We are farther ahead and our costs are a lot less than the comparable bodies in Germany and Spain.