Mr. Donal Rooney:

On the 5.5% discount rate and its analysis in that paper, there was an analysis done in the paper showing an illustrative net present value using a 5.5% discount rate. That was based on NAMA's standard discount rate of 5.5% at that time. It should not be read that that automatically led to NAMA's estimate of a workout value. Indeed, that was not the case. A more appropriate discount rate, if we were to get to a workout value, would have been a discount rate of at least 10%.