Mr. Frank Daly:

Any debt like that can be worked out but it needs focus. That is the real beauty of NAMA. We still get people who think that we should have left those loans with the banks and that the banks would have worked them out over time. I do not believe that they would have, in fact, I believe that the €30 billion or €74 billion figure would still be there. Other than the expertise of the team, one of the beauties of NAMA was the focus. All we had to do was focus. We were not worried about other things, about ongoing customer relations, for example. The approach that commends itself to me is the focused approach.