Mr. Brendan McDonagh:

No, it was not. That is a completely wrong interpretation. As I showed in the graphic in my opening statement, the debtors were bankrupt so no money could be offered to them because your debts are extinguished once you are made bankrupt. All of the companies involved were either liquidated or insolvent. They had no other assets. The only assets we had were worth €265,000. The fact that there was a €10 million loan against it did not matter because there was no way of recovering the other €9.7 million. There was therefore no discount given by NAMA. I have been in this business for 14 years and I assure the Deputy that he will meet no one who thinks anybody can intimidate NAMA, myself or the board. That is not the way we operate.