Mr. John Collison:

Yes, PIMCO had reverted and again expressed not just interest in the portfolio but its wish and preference for an off market transaction. This was a major call for NAMA and it would have been the largest transaction that we would have dealt with at the time. It was a multi-connection loan sale, the first one we would have dealt with. It would have been unusual but because of the scale of the request, the asset recovery division were seeking guidance from the board as opposed to putting a firm recommendation on whether it should go with a closed or open sales process. Our policy certainly dictated that we would sell everything by way of way open marking and our sense was that would be the way the board would want us to progress. We had to make the case and put forward what PIMCO had requested also.