Mr. Patrick Long:

We felt that a sequential approach was best.

When we approached the first three parties, we did not preclude the possibility of approaching more subsequently, and that is what we did. We widened the field. We wanted to make the parties we approached feel as motivated as possible to invest the time and resources necessary to acquire a portfolio of this complexity.

The Deputy's second question was on one round versus two rounds. It is typical for processes relating to the sale of loan portfolios to have two rounds. In this case, NAMA felt it was appropriate to have a single round process and to have a shorter timeframe than might have been usual. My sense as to why that was NAMA's preference was that it did not want to lose the offer it had from PIMCO. When PIMCO showed up and indicated a valuation range for the portfolio - I beg your pardon; I am talking too much-----