Mr. John Mulcahy:

I think he made a mistake. I think he is wrong. I think he made a mistake. The central theme that I take issue with is that he makes a commercial judgment. For example, let us suppose that instead of selling at £1.3 billion odd we had worked out the assets. Would that have brought about a better result? It is unfair to ask why we did not know that at the time. We know it now, and that is significant. We know that no one else came along to bid more. The property market in Northern Ireland has languished. The market here has prospered. If we still had those assets today and the committee asked me why NAMA did not take £1.3 billion in 2013, then I would find myself in a difficult position.