Oireachtas Joint and Select Committees
Wednesday, 22 April 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Michael McGrath (Cork South Central, Fianna Fail)
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Yes, okay. Can I move on to the issue of the enforceability of security because issues arose around that and were identified during the legal review and it made it necessary to impose legal discounts of €477 million, which is broken down on table 3, Vol. 2, page 5 of the book that we have. Can you give us an indication of the type of issues that would have arisen which necessitated writing down the value, as such, by almost a €0.5 billion because of unenforceability of security?