Mr. Frank Daly:

The PIMCO expression of interest identified the opportunity for us with regard to a strategy and something we could do with the Northern Ireland portfolio.

Given the sensitivities, North-South issues and so on, it was that more than anything else that encouraged us to do a sale that was time-bound and focused. We did not want this dragging on for months and paralysing the Northern Ireland economy further. It was that more than PIMCO being involved.