Mr. Frank Daly:

Out of the earlier discussion, one point is important from the point of view of the NAMA board. The phrase used was that we would sell regardless of the economic impact or other damage to the State. That would not be the case if we were aware that a sale was going to be economically or socially damaging to the State. If we were aware of a serious issue, I could not see the board agreeing to sell in those circumstances. Other than that, we must put it on the market and go for the best price and the best commercial outcome. It is a hackneyed phrase but, in terms of the social dividend of NAMA, the best one is to repay the senior debt and subordinated debt and generate a surplus. That is done by selling assets and loans.