Mr. Frank Daly:

It is because the board is the board. That would not be unusual. The board holds a private session every time it has a board meeting. The board itself holds a private session before the executives join us. That would be normal in most organisations. There is nothing sinister about it, or anything like that. The Minister is present. We have a free-flowing discussion and engagement about Ireland, NAMA and finances. We listen to that in terms of our overall strategy. There is no direction from the Minister because it is ultimately the Act that is important from our point of view. It goes back to section 10. One can have all sorts of other things one would love to do but section 10 states we must get the best financial return we can for the State.