Mr. Frank Daly:

I believe it is competitive, but do not just take my word for it because I am just part of a board and an organisation. We have within NAMA - and I give them credit for it - some of the canniest people I know in the whole property financial sector. We put them together over a period of three to four years. I do not think any of those experts believes this was all a coincidence or that there was not competitive tension. Lazard, which advised us on this - I presume the Deputy is familiar with Lazard and its-----