Pearse Doherty (Donegal South West, Sinn Fein)
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The questions are specific. We know NAMA paid just shy of €32 billion for these loans. We know €477 million of a write-down was given to NAMA, a large portion of €32 billion, as a result of poor documentation. Is this something an auditor is supposed to pick up? Should an auditor have picked up that €1 out of every €60 of the loans transferred to NAMA had poor loan documentation and their security was not enforceable? Alternatively, is it the case, as Professor Walsh said, that an auditor is guided by the provisions and if they did not expect them to do this, then they did not have to do it?