Mr. John Collison:

Could I just make one point on that? If I could point Deputy McDonald to page 133 of the Comptroller and Auditor General's report, there is a paragraph that begins, "In terms of rationale,". The last two sentences there read:

PIMCO believe the Portfolio would provide them with quantum quickly and overall they like the value proposition. PIMCO would very much see this as a "bolt-on" acquisition believing that the secondary markets offer good opportunities for incremental capex to drive value.

That does set out the rationale. They took a view on the Northern Ireland market. They also knew that in the portfolio there was a strong concentration on retail assets. They operated in the UK market. They had a fix and a good focus on retail. There was commercial logic behind their investment strategy here.