Mr. Brendan McDonagh:

In terms of property sales, NAMA itself has very little property on its balance sheet. We have about €7 million worth of property on our balance sheet which we got from the Dublin Docklands Development Authority as part of a settlement of a guarantee it gave. If we exclude those properties, most of the properties are held by the debtor or by a receiver. Our process is that when an asset is agreed to be put up for sale, it is openly marketed. An agent is appointed and it is offered to the open market wherever possible. We would have a small number of instances where it cannot be offered to the open market because there may be some pre-emptive legal agreements that existed or some legal rights whereby the existing tenant has the right to purchase, but there are very few such instances. Nearly all purchases are openly marketed.