Mr. John Mulcahy:

The Deputy has in my view, and he asked me the question. First, I considered a superb offer on the table of £1.3 billion from an undoubted counterparty, PIMCO, that had the cash. It was attractive. Second, I considered what we were selling and believed it was a wonderful opportunity to shift a large portfolio about which I had many worries. Third, it would generate large amounts of cash for NAMA. Taking the three together, it was the perfect opportunity. The only thing that we then had to cover was the introduction of competitive tension so as to ensure that there was not another big beast out there that was prepared to pay more. I did not believe there was.