Mr. Brendan McDonagh:

The portfolio we acquired was what I call "urban-centric". Much of the property was in Dublin and the commuter belt. Debtors in NAMA had borrowed very little money for building in the regions. In 2010, just after NAMA was set up, there was talk that debtors' loans with banks with a value of less than €20 million would come into NAMA. At the time, the Government was preparing legislation to bring it in, and it would have incorporated many of the smaller debtors who had built in the west of Ireland. When the new Government came to office in 2011, it decided that those sub-€20 million loans would not come into NAMA. If the sub-€20 million debtor loans had come into NAMA, I suspect that we would see smaller debtors building now. However, those loans stayed with the banks. We had very little exposure in the Border, midlands and western region. Anything we did have, we offered up to the local authorities and the outcome is per the map provided.