Mr. Frank Daly:

As I understand it, part of Cerberus's rationale for being interested in this portfolio was that it could invest quite a lot of money in it and make some money out of that investment. I am not saying that NAMA cannot do this, but we certainly cannot do it in the long term. I do not want to make a distinction between where we invest money, but it is the case that as a State body, when we are investing money we have to consider where we invest it. I think the opportunities for NAMA in terms of this portfolio were less than the opportunities for Cerberus or anybody else.