Mr. Frank Daly:

We examined the opportunity and the risk assessment ultimately was - and this is what is important - that we assessed what outcome we could get from a loan sale and measured it against all of the risks associated with holding onto those assets until 2020. I will not go into the detail of all the risks but they related to the granularity, the debtors, the Northern Ireland market, etc. That is the key risk assessment: Were we getting a better result? Should we take the £1.3 billion in the hand in 2014 as opposed to the possibility of more or, more likely, less if we held onto it?