Mr. Declan Reid:

I would look at what the NAMA had in its board papers and understand how the representatives clarified some aspects of that in their testimony last week. The 5.5% discount rate, as I understand it, was a discount rate applied to the entirety of the NAMA portfolios. That includes very high quality London assets, higher quality Dublin assets, and lesser quality Northern Irish assets. On average, they say the 5.5% rate is appropriate across the portfolio. That does not necessarily mean it is appropriate for the lesser quality Northern Irish assets, so it would be more aggressive than I would have thought for that portfolio.