Mr. Brendan McDonagh:

What happened here, and this is not unusual for NAMA or for anybody else, was that the board decided to invite Lazard to be our loan sales adviser. The team was mandated to go off to contact Lazard. It had a discussion with NAMA. It had a pitch book in terms of the broad outline of what we wanted to do. It met the team and had a discussion, and then came back taking account of our views and their own views on the appropriate process to target the largest loan sale buyers that were available. As I said, it was like division one, division two and division three. As I said to Deputy Kelly earlier, we were not asked for the pitch book for here, but it was available to the Comptroller and Auditor General. That is a standard process to engage in. We meet them, discuss the parameters we want to work with and it goes off and formulates a proposal, and it formulated that proposal to NAMA.