Mr. Brendan McDonagh:

People buy portfolios for different reasons. I do not want to get into the specifics of one individual transaction because it would be unfair and nobody will do business with us if we talk about individuals. The buyers on the other side are no fools. They understand about investing in the Irish market. This was the first pure Irish loan portfolio that NAMA was selling on the Irish market. It sent a very important signal to international investors who were considering investing in Ireland that we are commercial and are prepared to do business at a price that is acceptable to us.