Mr. Brendan McDonagh:

What I was more concerned about was more litigation, which would be very costly. We were already involved in litigation with these debtors in relation to UK assets that cost €2.5 million. We were not able to recover any of that money, even though we were ultimately successful, despite multiple appeals in multiple jurisdictions. If you are sitting in our position of having an asset that has a monetary value of €265,000, and this debtor starts up a whole new wave of litigation, you will not be long exceeding €265,000, the majority of which will be in legal costs to defend it, even though you know it will be hopeless. The problem is that people have a right to take litigation, even if it is hopeless, but it still costs us a lot of money to defend it. That will eat up the majority of the €265,000.

That is not acting in section 10. Section 10 of the NAMA Act, about maximising return, is very important but you can also maximise return by minimising the costs, including avoiding litigation, which might cost a couple of hundred thousand. That is very important.