Mr. Brian McEnery:

The previous Deputy referred to the ministerial advisory group that was established with Mr. Geoghegan. He carried out a review of NAMA long before we took the Northern Ireland portfolio to market. In fact, in part of the process around interacting with the ministerial advisory group Mr. Geoghegan's initial suggestion was that perhaps we should get rid of the entire UK portfolio in one block. We decided as a board at the time that it was not the appropriate thing to do. It was too early and the portfolio would have been too big. At board level, from considerably earlier and long before we brought this sale to market, we had considered bulk sales and individual sales. Quite frankly, as Frank Daly indicated, the reason we got involved in this is that we received an opportunistic approach. There is no dispute about the amount of £1.67 billion which was the projected cash flow out to 2020. Ultimately, we took the decision - and I made my decision as a board member - on the basis that a discount which a purchaser, and remember a purchaser is the flip side of a seller because one cannot have a sale without a purchaser-----