Mr. Frank Daly:

I will answer the question and I do not need it pointed out to me. The whole point about that was that we were actually opening up the bidding process and making it competitive. It had been very clear from the start, even though PIMCO wanted a closed process, that the board was never minded to do that. There is plenty of other documentation that says as much. If the Deputy goes further down that page of the report, she will see that we also acknowledged that PIMCO would be sensitive to it.

It would be sensitive to becoming effectively a price setter. We should remember it would have come in with the particular bids