Mr. Paul Maloney:

I do not think they are inconsistent. I was telling the team, "We need to be certain of our valuations." I was not going to accept one internal valuation and say, "Okay, guys, that's fine." We were finding out new information all the time between 3 and 20 October and I told them to put in every parameter and run other valuations in the circle time programme with the professional valuer. These are not inconsistent; they are developing a valuation based on these parameters changing. I refer to the three parameters. One was plot ratio - we were at a plot ratio of 3:1. The plot ratio we had developed prior to 2005 was 3:1. The plot ratio since in the STZ of Dublin City Council references extensively a ratio of 3:1; therefore, I believed then and I am certain now that it was a very reasonable valuation. The second parameter was 247 units per hectare, the common standard, while the third was what was called "compared" pricing. East Wall is mentioned but so is the site sold on south quay just previously for €40 million an acre. It is not stated here, but it is stated in our recent submissions.