Mr. Brendan McDonagh:

The figure of payments to developers has decreased from €15.5 million to €10 million. The rationale is that it makes business sense for us to use them and that it is cheaper than appointing receivers. These people are returning value on the portfolio. It is only a salary cost; we do not fund any part of their lifestyle. If they get paid, they pay their taxes, and what they do with income after that is their own business. Regarding other assets, our view is that if they are substantially indebted to NAMA, people must put their assets on the table and agree a disposal programme for selling the assets. To date, we have collected €800 million of additional security on assets that people had at the time NAMA took over the loans. They pledged that security to us. Typically, if there is a holiday home, part of the agreement is that they dispose of the holiday home and pay the proceeds against the debt. We pursue every penny that we can legally get at to push the debtor to hand over whatever he has, if he does not have the ability to pay off the full debt.