Mr. Brendan McDonagh:

Well, in practice it would mean that neither of them wanted to come to a new body. Right? And the debtors were quite happy to stay with the banks. The banks were quite happy to stick with the debtors and nobody wanted to crystallise the losses. So, you know, of course when you crystallise losses it effectively, probably, personally life-threatening for some of the executives in the banks, as did happen, as, you know, people left. But I think the issue was that, you know, if you're saying in terms of behaviour, I can't say that there was any, you know, huge change in behaviour. I ... the thing that surprised me personally the most, and this is just purely common sense, you don't have to be any way ... have a professional qualification in law or accounting to know this, is that when we acquired the loans from the banks only 20% of the income that was on the portfolio was being mandated to the banks. It surprised me that the banks didn't move to capture that income earlier.