Ms Ann Nolan:

Some of them may have been, but if they were not completed, they would have had to come in under the new transactions. The fact they were initiated would not have got them out of the new relationship framework.

The biggest single transaction then, probably the biggest ever done, was the American sale. That was done with the involvement of the Department, notwithstanding the fact it was the old relationship framework. Mr. John Moran was involved with that and we would have had high visibility of all of the process, the bidding process and all of the decisions taken on that transaction, because it was such a big transaction. Therefore, it is not an absolute that we had no visibility of the transactions that were done before the new transaction relationship. The issue was that transactions could be done without their telling us about them. However, we did have visibility of some of the transactions that happened at that time.