Mr. Brendan McDonagh:

We have to enter discussions with the Office of the Comptroller and Auditor General. I am keen to respect that because the office has made the recommendation. Our view is that NAMA bought the assets from their banks. We overpaid for the assets. That was the conclusion of the European Commission, which recently signed off on the NAMA process. The Commission said we overpaid by €5.6 billion compared to anyone else. We bought assets costing €74 billion for €31.8 billion. The question is how much cash of the €31.8 billion or more over the life of NAMA we can recover. We have designed an entity-rated return because no one will know how NAMA has done until the agency sells its last asset. However, an entity-rated return takes account of our performance in terms of the cash we have realised to date and the value of the residual portfolio. We will fully explain it in our report. We have considered this a good deal. We came up with a proposal that went through our board finance committee. Then it went forward to the board last week. The recommendation of the board was that while they accepted it, they would prefer for the executive to discuss it with the Comptroller and Auditor General with a view to publishing it with our 2014 performance and audit figures. It will be a market standard measure.