Ms Marie Hunt:

I think Deputy John Paul Phelan misunderstands. When we are asked to do the valuation, the price has already been paid. They have bought a piece of land and they need a valuation subsequently. Again, I am not a valuer. They go back and get a valuation instructed and that valuation is fed into the bank, and that is the end of that job. One does not retrospectively open the file and go back and check the valuations after the event based on transactions that happened subsequently. One's valuation is based on market evidence at that point in time based on recent historic comparables - transactions that have already happened.