John Paul Phelan (Carlow-Kilkenny, Fine Gael)
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Thank you, Chair. Good morning gentlemen. Firstly, Mr. Kelleher, I want to ask you in relation to the evidence of the chief executive of NAMA, before the committee he referenced ... he was speaking about project funding at the time and he told the committee that it was quite common for lending to be on the basis of very high levels of project funding, sometimes 100%. And where equity... where an equity pledge from the borrower was required, it often took the form of unrealised paper equity from other transactions. Were you or the Construction Industry Federation aware of that practice at the time?