Ms Ann Nolan:

I do not think I said that another option was not available. I do not have any recollection of saying that. I think what I said was that the option of waiting in general was not available. In other words, NAMA had to act expeditiously on its portfolio but as to whether it sold the Northern Ireland, west of Ireland or south of Ireland portfolio, that was a choice for it. I certainly never said there was no other game in town. I did not say that this was the only option. It had an option. If it had failed to reach its reserved price, I imagine it would not have sold this and it would have been wrong of it to do so.