Mr. Frank Daly:

We decided to answer the big issue. The headline was "NAMA has probably cost the taxpayer £190 million". We do not believe for a minute that we did. We have a very strong case. Interestingly, much of today's debate has moved away from the issue of price and discounts, although I am sure that it will return. If the report had taken no view on whether NAMA had lost or gained, I am unsure as to whether there would have been the same sort of noise around this.