Mr. John Mulcahy:

Judging by the other evidence given to this committee that I have read, most people would recognise that. I had moved from being a board member to an executive. We were seen with some hostility in the North and the borrowers were not repentant borrowers. Rather, they felt their troubles had been caused by a failure of the banking system in the South and through no fault of their own. They were most unlikely to be co-operative. What reception we would get working the assets out asset by asset in the courts of Northern Ireland was a concern. That phrase is an attempt to capture all of that and more.