Mr. Seamus McCarthy:

I wish to raise a point on the valuations and quote paragraph 3.27 from the report:

In June 2005, the Authority had obtained an independent valuation of the property which placed a value of €240 million (exclusive of VAT) on the site. This was reported to the Board on 20 October 2006 as being based on an assumed plot ratio of 2:1. Two internal appraisals were carried out by the Authority in 2005 and 2006, which valued the site at €303 million (based on a plot ratio of 3:1) and €264 million (based on a ratio of 2.5:1) respectively. However, the Authority did not obtain any further independent valuations of the site prior to the bid being placed...

This goes to Mr. Bradshaw's point on the plot ratio being critical to the valuation. The values at ratios of 2:1, 2.5:1 and 3:1 are fairly consistent. One can see the impact that varying the assumption makes on the values.