Mr. Brendan McDonagh:

I would add to that that we were very clear at the start. We informed people, through Lazard, that there was a minimum reserve price of £1.3 billion. We know the cost of due diligence that firms would spend on it and we did not want people wasting their money bidding on a portfolio that they would not pay up for. At the start of the process in January, the reserve price was £1.3 billion; at the end of the process in April we achieved our £1.3 billion. There was no question that we did not get the price that we valued the portfolio at.