Mr. Brian Rowntree:

I read the Comptroller and Auditor General's report. It was a best value study. The scope and terms of reference are limited in that regard. To have an all embracing report, one needs to consider the governance framework surrounding the bid process. This was a bid that emerged from an approach to NAMA in the early stages. There was not a collective decision to go out to an invitation to tender for bidders and run a short list and do the necessary provisions. In a sense, it is defending a different position. It requires examining the corporate governance provisions that surrounded the overall exercise internal to the board, internal to the executive team and external to those in the process.