Ms Ann Nolan:

As regards the special liquidator, there are only a small number. It would be a great idea if we could go for auditors that had not audited any of the constituent companies. In fact, however, there are only a small number of auditors in the country who could possibly take on a liquidation of this size, which is considerably large. A number of those were absolutely conflicted, so we had to rule them out. Obviously, we could not advertise or do a tender which would be the ideal solution, so we went to our colleagues in NAMA who had a list of qualified liquidators who had tendered on that basis. We picked KPMG from the list of tendering in NAMA and arranged that they would give us the same price as they had offered NAMA.