Mr. Lar Bradshaw:

No, one would not. I suspect some people in this room bought property in 2006 and obtained formal valuations. I presume that in 2006 the OPW obtained formal valuations and explained it had spent €43 million for land that is now worth €500,000. Many purchases were made on the backs of valuations from banks which funded developments not too far from this site in Ballsbridge, which are now worth 10% of their former value. These valuations were made by professional, independent valuers who, I presume, were well paid. I accept the Deputy's point - we should have obtained formal valuations but there is an inconvenient truth about this if we had got that formal valuation and the number we would have got. Guess what, Mr. McNamara obtained a formal valuation, albeit after the bid had been made, and it was €412 million.