Mr. John Mulcahy:

I think there are a few things in there. One is no matter what price they were transferred at in 2009 and 2010 almost all markets slid further, so one will see that in the years after NAMA transferred the assets we continued to take impairments - in other words, they were worth less a year later almost in all markets, possibly bar the US, which was the first to recover. That is not unusual. My perspective, coming from an investment background as I do, is that I am seldom interested in what one paid for something - I know other people are and I know it is to do with human psychology - but I am only interested in what it is worth now and what is it likely to be worth in a year’s time.

The fact that one might take less or more than one paid for it really does not matter to me. The decision is made at the time of looking at the asset, today.