Mr. Des Carville:

I thank the Deputy for her questions. I will start with her opening comment on profit. We use the expression "surplus", and it is important to remember, when we think back, that NAMA overpaid for the assets. The assets were all valued. The loans were valued at a particular point and NAMA paid an extra €5.6 billion to the five participating institutions for those loans. We can have an interesting theoretical debate about the €64 billion which went into the banks, if NAMA had paid a bit less then arguably that number could have been a little more and so on, but in the overall scheme of things, it paid almost €6 billion more than the loans were worth at that time.

In terms of the records, this is something we have put a fair bit of thought into. What we are trying to do is facilitate a really seamless transition of records, assets, legacy litigation and also people. If we take NAMA, the idea is simply that at the end of 2025, whatever is left in NAMA in terms of litigation and possibly a small number of assets, and all of the records that pertain to that bucket of litigation and assets, will simply be transferred into the NTMA's resolution unit.

On the IBRC, if one thinks about a normal liquidation, at some point all of the books and records are destroyed. That is just what happens. The special liquidators are very much alive to their obligations under the GDPR in terms of their data retention policies. That is what governs the books and records in relation to the IBRC. When it comes to the end of this year, assuming the legislation is passed, whatever assets are transferring from the IBRC to NAMA, plus whatever litigation is transferring - and there are a number of cases which will be live at the end of this year - and all of the books and records that relate to that universe of assets and litigation will transfer across to NAMA and ultimately, to the extent that they are still alive 12 months later, to the NTMA's resolution unit.

There are two parts to this. There is the normal process around books and records in a liquidation and the liquidators will deal with that in the normal course, just like any other liquidation, unless there are provisions made in a different direction. Then, anything that is live at the end of this year transfers across to NAMA and then ultimately to the NTMA's resolution unit.