Mr. Brian Rowntree:

I thought the loans were taken, that NAMA had the securitisation and that this securitisation would transfer across Cerberus, or to PIMCO at that stage. For NAMA to even consider setting aside the PGs, it would have had to have a rationale for doing so. If it could set them aside at a sale process, why could it not set them aside in terms of a business case settlement? In my view, one would be setting some precedent in doing this. The conversation was at a very high level, no great detail was offered and it was more or less advising us that the board had met and had come to a certain sense of reality around this situation.