Mr. Frank Daly:

Yes, a lot of it is focused on fixers. He alleges that Cerberus went on behalf of Cerberus to some of the debtors up there. I cannot speak for Cerberus; I cannot speak for what happened after NAMA sold the portfolio but what I can say is what I have said in my opening statement to refute those.

I will not go into detail on them. He has made suggestions that NAMA sold at 20 pence in the pound. The implication is that Cerberus is selling everything at 50 pence in the pound and, therefore, it is making a fortune. I hope I have refuted that in my opening statement. What he is forgetting to look at is the whole portfolio. It is totally disingenuous to suggest that the whole portfolio could have been sold for 50% of par value. You must look right across the portfolio and the blended average across the portfolio was 27%. I said in my opening statement that it would be incredible to me that any debtor, North or South, or anybody financing them would pay 50 pence in the pound to buy back assets that are only worth 20%.

Deputy Wallace asked why we could not negotiate at 50% even for those ones that were worth 50 pence in the pound. The answer is, as has been alluded to by Deputy Perry, because of section 172. We cannot do it. We are not allowed to do it. I presume Deputy Wallace knows that. He is a Member of the Legislature that deals with the National Asset Management Agency Act and that is in the Act. Those are the type of allegations that are damaging and they are totally without foundation. The most recent allegation is that €45 million has been paid as fixer fees. I have no idea where that figure came from or where it could have come from. It just does not stand up to the realities of the type of-----