Mr. Brendan McDonagh:

Everyone knows the property market was very depressed in the beginning of 2012. The asset was put up for sale by the receiver between March and May 2012. The best price achieved at the time was €7.5 million. There were 30 expressions of interest in the site. The next best bid on the site was €5 million. Clearly, after open market bidding the offer of €7.5 million was deemed to be the price to take. The people who bought the site did so for a particular purpose. They bought it for student accommodation. They sought planning permission and ultimately were refused planning permission. They decided to sell on the site in late 2013, almost a year and a half after buying it. The market had completed improved in that time. They sold it and it was bought by a special purchaser who had acquired all the other sites around it and needed it for strategic site acquisition purposes to carry out commercial developments. These are the circumstances relating to the site. It was not a year later; it was de factoa year and a half or almost two years later.