Mr. Mark Neporent:

It explained to us that it had been doing this work and that, through its association with Tughans, it had developed a very good understanding of the Northern Ireland portfolio and a number of the borrowers. It had an understanding of their business plans, the quality of their businesses and the quality of the borrowers. It understood, or purported to understand, the local economy and we regarded that information, as well as the ability to access stakeholders through its affiliation with Tughans, as potentially very valuable. Of course, one has to look at this in the context of the very condensed bidding process. We were thinking this information could be very valuable commercially to us in seeing whether we could get to the reserve price and actually participate in the bid.