Mr. Brendan McDonagh:

Yes, it didn't seem to be something that clicked, that seemed to be obvious that or if they did, "listen my loans are fine in any case on the day" and, of course, what NAMA did really was that when we acquired the loans, we grouped them altogether and we sort of said, you know, "if you had borrowed money from one institution and that produced a surplus, it wasn't available to that other institution to capture that surplus", so when it came to NAMA we said, " if there's a surplus here, it's going to apply if you, if you have borrowings there in your personal name then you are going to use that surplus to pay down a deficit in another group of loans". And that wasn't happening and that was the issue.