Mr. Brendan McDonagh:

The way I work it out is that we are five years into NAMA now. The first loans transferred to NAMA at the end of March 2010. The evidence shows that we try to find a workable solution. It may not always be a solution that is comfortable for NAMA - let us be frank - but it would be one we believe is the best outcome in terms of getting the maximum value for the assets through working with debtors. The evidence shows that we had situations at the start when people were absolutely opposed to working with NAMA but they are now productively working with NAMA and helping us to maximise the value of the assets. Debtors who have 70% of the assets by value are working with NAMA. That is a strong indication that we do our best to work with them and to try to find a solution. When NAMA started off, the deal was that all 800 debtors would be put into insolvency straight away. The view was that was the best way to deal with it, but we never saw that as the best way to deal with it. We took the view it was the best solution to try to work with debtors wherever possible.