Mr. Seamus McCarthy:

If one reads the report, that is not stated. To me, the choice between deciding to hold on and potentially or probably yielding £1.49 billion, as valued at the end of 2013, was one option that was available to NAMA. The other option available to it, which was taken, was putting the portfolio on the market at a figure of £1.3 billion. Making that choice was NAMA's commercial prerogative. I would not, and did not, attempt to second-guess that. I have made no public statement in regard to what I believe NAMA should have done at that time, other than being aware of the implications of what it was choosing.