Mr. Brendan McDonagh:

One of our original NAMA board members used to work for the International Monetary Fund, IMF, and he was a bank restructuring expert having been involved in dealing with bad banks all over the world. One of the things that he made us benchmark against were asset management companies across the world where costs should be no more than 6% of the whole thing. We are running much less than that and he used to say that was a really good sign because that was a parameter used by the IMF when measuring the work of bad banks or asset management agencies.