Mr. Seamus McCarthy:

We were aware of the work, the analysis that had been done, from the minutes of the NIAC. We did not examine it. Just to put it in context, there was a revision of the strategy for Northern Ireland assets which was considered by the NIAC in April of 2013 and approved by the board of NAMA in May of 2013. The timing fits. The University of Ulster information was presented, according to the minutes, in February or March of 2013. That would appear to be the basis on which the revision of the strategy for the assets in Northern Ireland was adopted in May 2013.