Mr. Seamus McCarthy:

The process had gone on from the point at which NAMA acquired them. Any deterioration in the property market in all the locations where NAMA held the assets should have already been reflected. There was a relatively strong rent roll from the Northern Ireland debtor property. Given that NAMA had bought it at a relatively low price, it was generally yielding. The amount of property in west Ulster was relatively small. When property that is not in Dublin, London or wherever is characterised as being poor investments per se, I would like to see the evidence of it as opposed to the assertion of it. We did not see such evidence.