Mr. John Mulcahy:

And after they arrived. Deputy Murphy must understand that when we were transferring the assets what we were actually trying to do was to recapitalise the banks. I know it is being characterised that NAMA was trying to buy the assets cheap, but any reading of the situation will see that it was absolutely far from the truth. In fact, we introduced this concept of long-term economic value to try to give more money for the assets so when they came into NAMA the market continued to slide and we had to take impairments as the Comptroller and Auditor General will tell the committee.