Mr. Donal Rooney:

There are three points I need to make on the €85 million. This information is a little technical. The reason for the €85 million adjustment is because NAMA, for the purposes of the December board paper, was trying to arrive at an appropriate carrying value against which to apply the 10% discount rate for the purpose of calculating the minimum price. The €1.475 billion carrying value that was arrived at in the paper prior to the €85 million was essentially a financial reporting or accounting-driven figure. Had NAMA relied solely on that figure for the purpose of applying the 10% discount rate, it would not have been a true commercial starting point because NAMA's impairment process had certain rules around it that were suitable for accounting purposes but not necessarily suitable for loan valuation purposes. The €85 million was essentially an effort to bridge that gap. NAMA's impairment process-----