Mr. Frank Daly:

Section 10 requires us to get the best achievable financial outcome for the taxpayer. Our view is that the sale of the Northern Ireland portfolio at that time, and broadly in that manner, was the best way to achieve that. Then, we go to whether we accommodated the views of the North-South Governments. We did, up to a point. As I said in my opening statement, we do not operate in a bubble as a commercial organisation. At the end of the day, the other issue is we would not have gone this route if we were not sure we would get our minimum price and, therefore, achieve the best possible outcome.

Section 10(c) also requires us to take account of any other factor which NAMA considers relevant to the achievement of its purposes.