Mr. Brendan McDonagh:

We must realise the value of the portfolio. NAMA acquired loans from institutions where there is no additional recourse to the debtor. In that instance, all one gets is the value of the underlying collateral. Effectively, one never gets the difference back. In the situations that typically arise, many of the loans can be non-recourse loans and we are also dealing with trying to get the best value for the asset. Some people want to buy loans rather than the property because they want to make use of it for tax planning purposes. That is part of day-to-day operations. NAMA is not the only operation in the world selling loans. Other banks are selling loans and exactly the same situation arises. We are trying to maximise the return provided by the value of the collateral underneath the loan and trying to ensure we get full value for it.