Mr. Brendan McDonagh:

Another salient fact is that we approached a loan sale buyer to say, and these people buy these type of assets, and asked them whether they would be interested in buying these assets. When they found out who the debtor was and the circumstances, they said it would not be worth their time and effort and that they were not getting involved. NAMA had only two options - to get the €265,000 funded by the debtor or hold on to these assets and be faced with guaranteed litigation by these debtors. I say guaranteed litigation because we had a long history of litigation with these guys.