Mr. Brian McEnery:

Yes, absolutely. As part of our decision making, we absolutely reflected on that. I know it probably annoys the Chairman when I say this but we set our target price based upon cash flows that we were doing for the year end and then we discounted them back. That is how we came up with the figure of £1.3 billion. We decided that if we did not get a price of £1.3 billion, we would not sell the portfolio. The important issue is how we came to that decision. We considered a number of factors. We considered the cash flows in the first instance. It is important to note that there is no disagreement between the Comptroller and Auditor General and NAMA regarding the cash flows out to 2020. The heart of the issue is that the cash flows are out to 2020 and are discounted back to today, but the Comptroller and Auditor General has calculated the €190 million based on a discount of 5.5%. We argue that one would not be able to sell these assets, many of which were non-performing, at a 5.5% discount because much better assets that were fully performing were pitched at a discount factor of 7% to 7.5%. That is our contention, namely, that we could not have sold the portfolio at that discount rate.

I go back to the point that to have a seller, one must have a purchaser-----