Mr. Seamus McCarthy:

It is an expression that has been used and it implies a certain compromise of independence. The audit team there is focused on the correctness of the financial statements. That is what they are working on at any stage. We have reported separately in a number of special reports which go more to the question of what is the correct strategy and the correct timing of disposals. In the financial statements one just tries to capture what is happening, not why it happens or whether it is the best approach. We produced the tri-annual review for the period 2010 to 2012. The second tri-annual review, provided for in law, is for the years 2013 to 2015. We are just starting the work in relation to that. I would expect that to deal with questions around the rate of return on disposals made, or assets that were held and invested in. Ultimately the issue, and strategy being adopted, is a matter for the board of NAMA and it is a policy matter. To a certain extent I cannot get involved in the pros and cons of what is the correct strategy.