Mr. Lar Bradshaw:

The board paper of 3 October refers to a valuation made in 2005 which suggested a value of €300 million. The valuation made was more like €240 million.

I want to finish my point. We know the valuations were made professionally on sites now worth 10% of their former valuation. I am not trying to excuse what happened. I acknowledge that we should have obtained a formal valuation. I have no doubt an independent valuation from the same people who had informally told us the value would be in the region of €400 million would have indicated the same thing. Does the Deputy suggest that if we had obtained a formal valuation, it would have come in at €200 million or at a much lower number? Does the Deputy honestly believe this?