Mr. Brendan McDonagh:

It is because I am talking about a limited number of debtors who are house builders who have managed, by working with their portfolio, to improve value to pay off their debt. A lot of the debtors who came into NAMA were overlent by the banks originally. They overpaid for assets and, to be honest, a lot of them were amateurs. They were the ones who had a lot of the losses in the portfolio. It is a mixed bag, but the majority of the debtors' assets have never recovered in value. They overborrowed from the banks on day one. I would love to be in a position to say that all those debtors, 800 of them, came into NAMA, the banks lent them €74 billion, we paid €32 billion for the loans and suddenly that went back up to €74 billion, but that is not-----