Mr. Seamus McCarthy:

We did not see anything along those lines. I discussed the quality of the assets with Deputy Madigan. As I mentioned in the report, the perceived poor quality of the assets in terms of their locations, the markets that they were in and their nature, that is, retail, development, offices or so on, should have been taken into account. It was taken into account when NAMA acquired the assets. Any deterioration that had taken place in the market should have been taken into account, and would have been, in the impairment that had already been logged. We did not see any firm evidence of the deterioration of the relationship with the debtors to which NAMA referred.

Regarding NAMA's cashflows from 2017 on, NAMA was not expecting any uplift even though there were some references, including in PIMCO's indicative or initial bid, to the effect that PIMCO believed that an upturn was coming in the market. Take the example of a shopping centre in a particular market. Even the valuation advice that NAMA would have got, which it would have factored into the cashflows, would have taken a potential appreciation in value into account. There is nothing that I can see to suggest that the market was going to deteriorate further.