Mr. Brendan McDonagh:

NAMA's policy is to pursue personal guarantees to the fullest extent possible. We look for sworn statements of affairs and we consider whether the debtor is co-operating. If the debtor is not giving us his additional assets, we will pursue him. If the debtor co-operates with us and helps us to realise the maximum value of the loan exposure, we will look at whether he has assets left at the end. If he has no assets left, there is no point in pursuing personal guarantees. If he has assets left or if anything emerges, we will hold him in a period of probation in which we reserve the right to go after it. When the debtor is working with us, we want the assets handed over if he has any. The evidence today is that we have received over €500 million worth of assets from people who did not want to give them up in the first place. They have decided that the only way they will survive is if they hand over assets. If the debtor has assets that have not been declared, we will conduct asset searches and go to the courts to pursue the debtor. We are doing everything possible to get as much as possible out of this in the interest of the taxpayer.