Mr. Seamus McCarthy:

I am referring to the paper for the board for the meeting on 12 December 2013. At the beginning it states:

This item is for decision

RECOMMENDATION

... Should [the] Board authorise a closed market exclusive transaction with PIMCO or authorise the commencement of an open loan sale process NAMA [asset recovery] seeks approval to complete the sale of Project Eagle for consideration greater than STG£1.3 billion ... subject to final transaction terms and conditions being approved by the Board in due course.