Ms Ann Nolan:

In terms of the issue on the discount rate and on the assessment of risk, I did not write to the Comptroller and Auditor General about the discount rate. I did write to tell him that he should have spoken to the board of NAMA because I knew its members were agitated about it, and I felt they should have the right to have that discussion themselves. In terms of looking at what would be the right first-time rate for this type of project, we were basing it entirely on the many years' experience, which I mentioned earlier, that Mr. Carville and Mr. Reid have in this type of deal, and also the experiences we had, say, through the IBRC wind-down and so on. Mr. Reid might like to add to that.