Mr. Brendan McDonagh:

No. A debtor in NAMA might have had built houses, partly built houses and an office that he built as part of the portfolio. He might also have had a land bank. If that debtor was exiting NAMA - let us say he owed 100 and the value of his assets was 150 - his security was released once he paid off the 100. He would not have been happy to leave behind his land bank because he was going to survive in the future by building on it. As everybody understands, and as has been debated at meetings of this committee in previous times, one of the big issues with people who borrowed from the banks at the time was that they borrowed in a personal capacity. It is very hard to split the portfolio. Also, the debt was cross-collateralised across all the assets in the portfolio so it is very hard to split up or carve out assets unless there is the debtor’s agreement.