Cormac Devlin (Dún Laoghaire, Fianna Fail) | Oireachtas source

The Comptroller and Auditor General's report says there was a large number of high-risk, equity-backed loans, which had no property or collateral. This relates to Project Nantes, which NAMA acquired from participating banks for a nominal amount of €1 per loan. Most other loans were property backed and related to properties in the US and across Europe. With regard to that portfolio, I understand Project Nantes was one of the first portfolios the witness dealt with under NAMA. From his earlier comments and the question regarding an individual who was involved both on the negotiating side and ultimately in one of the purchasing entities, I believe he said that the amount was mooted around October 2011 but he did not start until, perhaps, November or the like.