Mr. Brian McEnery:

Yes, there is. We were continuing on the basis that we were going to do individual asset sales, because that is how we analysed it. It has been said here that there was no analysis of the valuation of the assets at the end of 2013. There were underlying property assets for about 50% of the portfolio, but every asset had a cash flow analysis carried out. Ultimately, an asset is worth how much money it will earn into the future. The cash flow is the ultimate valuation we should have been working from, that is, what we saw as the cash. We saw that amount as £1.674 billion, undiscounted. When we brought in a market related discount, and this is the fundamental issue around whether there is a loss to the taxpayer, we decided a market discount was at least 10%.