Mr. Frank Daly:

The letter dated 2 April. Lazard noted that in its professional advisory judgment, given NAMA's objectives, the process had been appropriate for the transactional nature of Project Eagle. It said that, for Lazard, it involved a limited number of highly qualified bidders, limited due diligence information, a single round of bidding and the requirement for bidders to acquire the portfolio entirely in cash. While four bidders had withdrawn from the process, in Lazard's view, which is the important thing, competitive tension remained in the process following those withdrawals. I think there was debate about whether, in the overall sense, Lazard's letter was as comprehensive as it could have been. I think that when Mr. Long was here on Tuesday, he put any doubts around that to bed. I was not here on Tuesday.