Mr. Michael Moriarty:

I will defer to Mr. Rooney on that point. The Deputy asked a number of times why NAMA did not get valuations. The Deputy is correct that NAMA did not commission a wholesale valuation of the entire portfolio. It is import to state that in the course of our review for impairment for our bad debt provision twice a year, we go through them in great detail and in the additional information that was sent down in response to the written requests, there is a paragraph that states that the valuation of the underlying property collateral was a major input into the impairment reviews by value. NAMA had commissioned a third party valuation advice in relation to 54% by value of the Project Eagle property portfolio since its acquisition, a total of 84% of this valuation advice was received in 2013. There was quite a lot of up-to-date valuations just from our normal work in doing our assessment of the portfolios. I absolutely agree there was not a wholesale valuation done and the reasons for that were explained when the chairman and chief executive were before the committee. We did not want to start a flurry of activity on that. A great deal of up-to-date information was available.