Mr. Brendan McDonagh:

All the smaller debtors that were being managed by the banks on our behalf were sold as part of Project Arrow so we are now down to what we call the original NAMA managed debtors, which we always managed in-house. We try to give guidance to the market to keep investors interested so we have already publically disclosed that we will bring two portfolios to the market in the first half of next year. There will be about 18 debtors in each portfolio - one in quarter 1 and the other in quarter 2. After that, the debtors that will be left will be much bigger even though they will have sold many assets in the meantime. Given their size, they are more likely to be single loan sales. They are a nice size for people interested in buying that type of portfolio.