Mr. Brendan McDonagh:

The way I would describe it would be if you bought a house and got a mortgage from Bank of Ireland, I do not think you would regard Bank of Ireland as owning the house. You would regard yourself as owning the houses and having a loan with Bank of Ireland. It was the same thing with these debtors. That is important for people to understand. They regarded it as having loans with the banks while owning the assets. They were trying to use those assets to pay back their debt.