Mr. Brendan McDonagh:

The initial offer in September was €1.1 billion. Then we allowed PIMCO into the data room in the context of proof of concept from NAMA's point of view. It had access to information on the top 55 assets which accounted for two thirds of the value of the portfolio. It came back and said: "We will make a offer in the range of €1.1 billion to €1.3 billion." It knew the names of the debtors having been in the limited information data room in November 2013.