Mr. Brian McEnery:

There was a 14% difference between the two bidders. There was £155 million less on the Fortress bid than on the reserve. That was significant. Ultimately, that was for us the manifestation of the fact that there was competitive tension. First of all, the board's position was very clear that if the bids went below £1.3 billion the sale was not going to occur. We believed that £1.3 billion represented what we considered to be a fair market valuation from NAMA's perspective which was a good price in relation to that portfolio. We could clearly see that around 13.6% of variation between the two parties was an indication of competitive tension in itself.