Mr. Seamus McCarthy:

Maybe it was. It goes back to Deputy Josepha Madigan's point about the quality of the assets. The quality of the debtor was relevant to that as well. It was one of the issues that was adduced as an argument as to why a 10% discount rate should apply to the cash flows because of the increasing difficulty of dealing with Northern Ireland debtors. That is one of the things we asked for evidence of. What was NAMA pointing to? The briefing note supplied by NAMA to the Department said this is not that bad and that there is not that significant difficulty with the debtors, particularly as 70% of the Northern Ireland portfolio is completed property and income-producing. There is that question of how one squares that with the valuation of the assets and, effectively, the paper, which was presented to the board in 2013, which directly contradicts that saying there is increasing difficulty with the debtors.