Mr. Frank Daly:

It was, in effect, a two-stage process. I think Mr. McDonagh adduced in his opening statement to the very fact that an awful lot of sales - loan sales, portfolio sales - not just in NAMA by the way but also in others, did come down through a process to one or two bidders.

The Deputy talked about there being a limited role for Lazard. Again, there were issues about the sensitivity of the sale. The key role for Lazard, as far as I was concerned, was to find credible bidders with the capacity to bid and write a £1.3 billion cheque. At the end of the day, everybody who had that-----