Mr. Patrick Long:

For example, bidders not having access to values in Northern Ireland. NAMA was concerned about confidentiality and the closeness of the relationship between values in Northern Ireland and the debtors associated with the portfolio. NAMA also stipulated a requirement for bidders to have the resources internally to buy the portfolio without recourse to syndication. The rationale was to reduce the execution risk associated with involving third-party finance providers. While there were limitations, there was a rationale for them.