Mr. Patrick Long:

We did not interrogate NAMA as to how it had arrived at that reserve price but at the time the reserve price was communicated to us we were aware that PIMCO had already made an approach to NAMA at around that level. We already had the evidence that PIMCO was interested at that level. Its range was £1.1 billion to £1.3 billion and that gave us comfort that the price was capable of being achieved in the market.