Mr. Paul Maloney:

When we met him the night before, he said he wanted to bid €437 million and we were 26% so he wanted us to go with him.

We said absolutely not, we were mitigating our risk to €375 million. I remind the Deputy that it was only the chairman and me on the previous night and I had to give him a board decision. I rang him to confirm that the board had mitigated the risk to €375 million and we were not moving. To be fair, I would have made it clear to him, despite what the Deputy read, that €411 million was really his risk. My intimation from the previous night was that all he was going to go to was €411 million. Subsequently he went to €412 million. I do not know where there is a difference. I communicated to him the board position that was given to me at 8 a.m. or 9 a.m. that morning.