Mr. Frank Daly:

They had the data room access, they had the full picture. They would have spent, in some cases, quite a bit of money on it. They obviously decided along the way that this was not for them. I cannot speak for the reasoning of that, but it is very reasonable to assume that some of them have decided that the portfolio was not value for them, particularly at the reserve price that we were indicating. In one way, that is testimony to the fact that we did get value for the portfolio in the end. PIMCO pulled out for all the reasons we have rehearsed here. Everybody, including ourselves, would have preferred if the background to that had not happened and if PIMCO had been allowed to stay in the deal but we were not prepared to countenance that, given what had happened. At the end of the day it was down to two bidders. It is not unusual that a reserve price would be just met or barely met. That would be a feature not just in NAMA, but also across other types of portfolios like this that are sold regularly by other banks and other asset agencies. At the risk of repeating much of what I said this morning-----