Mr. Brendan McDonagh:

What I can say is that I can give my interpretation of what was said. If the Comptroller and Auditor General is saying he has got his interpretation, that is fine and I accept it. The important point is that we and the Comptroller and Auditor General are at one in terms of the undiscounted cashflow of £1.67 billion. The question is what discount rate one uses. The second point, which I have made in my statement, is that when the board decided to set a minimum price of £1.3 billion, it was effectively locking in a loss. That loss, as the Comptroller and Auditor General said, is £190 million, bearing in mind the £1.49 billion. It turned out to be £162 million but the point is that the board was fully aware that a loss would effectively be incurred and that it would arise anyway in future years in terms of impairment. We could not take account of that loss in our 2013 financial statements under the accounting rules. It is a very technical point.