Mr. Frank Daly:

I think ... if I may just add to that. In the general sense, Deputy, I think the ECB analysis in their financial stability review of 2013, which was kind of an analysis of why a NAMA-type operation as opposed to other, is useful for ... would be useful for the committee if ... I'm sure you have it already.

I think there's two other points, though, as to why breaking the links with the banks was important. First of all, the other alternative .. well, you've three possibilities. You've nationalisation, which we're not discussing; you have leaving them with the banks. I think the big question mark there is ... the banks have been struggling since the crash. They're still struggling. They're getting better. They're improving, but they're still struggling, for example, with mortgage arrears, so they're still struggling with other property loans that are on their books. So, you can only imagine what state they would be in if they had another €74 billion on top of that.

I think the other point is that ... and we've discussed relationship banking earlier. Removing the loans out into NAMA, it broke the link decisively between the originator of the loan and the borrower. And I think that has been hugely important. I'm not saying we don't have a relationship with our debtors – of course we do – but it's a far different relationship to the type that some of the banks have had.

And I think, then, there is the actual practical stuff of just concentrating all of that €74 billion in one agency with one focus. We have ... we're not distracted by anything like mortgages or anything like that. We have one focus, which is the €74 billion, the repayment of the debt. So, there's a concentration of skills and efficiencies and costs and scale and flexibility that you could actually bring to that. And we're able to do that when we're going to the market with asset sales or loans sales, because we're not just one bank trying to work out its own piece of the action. We have everything. We can look across it. We can amalgamate portfolios. I think it's a very-----