Mr. John Collison:

On page 146 of the Comptroller and Auditor General's report, we reference our own experience of a party buying a non-performing loan and the likely value that they are going to attribute to that portfolio or the discount that would apply to the underlying security. At least 10% is mentioned to reflect the associated risks. I can recall that was discussed at that board meeting because our experience was that discount rates on certain portfolios were even higher than that. It may not have been as clear but it certainly is referenced in our June 2013 papers.