Mr. Seamus McCarthy:

On the sales price, the board noted that PIMCO had made an indicative bid of £1.1 billion to £1.3 billion, subject to due diligence. It further noted that NAMA's own discounted cashflow valuation of the portfolio was in the range of £1.2 billion to £1.3 billion, depending on the assumptions used. In response, the board noted that the original value of the portfolio was approximately £2 billion, with the current valuation reflecting significant impairments to date, which is correct, with further impairments expected. As agreed at its meeting on 12 December, the board noted that it would not consider the sale of the Project Eagle portfolio for a consideration of less than £1.3 billion. That is the record of the board's discussion on it and it specifically refers to the cashflow analysis presented to the board.