Mr. Brendan McDonagh:

The code of practice, which has been referred to previously, permits us to sell loans directly to people. It does not say that we have to openly market such sales. We set a target for the connection but this target was not achieved. The portfolio was sold off in parts and this was the residual connection. As I told Deputy MacSharry, Clareview was one of the first funds to come and look at this portfolio. Another US fund looked at the portfolio and declined to buy it. Clareview made an offer and we had to decide whether to accept that offer or to negotiate with Clareview. We negotiated a sale of the portfolio with it. There was nothing inconsistent with the code in doing so.