Mr. Brendan McDonagh:

As Mr. Collison has outlined, we have a credit grading matrix which feeds into our impairment exercise. At the end of 2013, 76% of our Northern Ireland debtors were not co-operating and we expected to make a loss. The rest of our portfolio had 38% in the same category. That speaks for itself in terms of the type of portfolio we were dealing with. We cannot provide individual debtor details because of obligations under the NAMA Act but that is available to the Comptroller and Auditor General. Debtors were continually missing milestones. If debtors are continually missing milestones in terms of mandating rent, not achieving sales and rectifying security, then effectively they slip down the credit rate, which is why the Northern Ireland debtors had 76% in that category compared with the rest of the portfolio, which had only 38%. That evidence is available to the Comptroller and Auditor General. There are individual instances of what we call strategic credit reviews. We do formal reviews of each of the debtors twice a year. We sit down and assess each debtor in terms of whether the debtors are meeting their milestones. Again, that information is available to the Comptroller and Auditor General.