Mr. Brendan McDonagh:

No. I do not accept that we want to make a loss on any portfolio. The Deputy must recognise something. She talked about November 2009 but the valuations were actually done in 2010 by reference to 30 November 2009 because that was the set valuation date. The difference is that between November 2009 and 2011 and the start of 2012 the Irish market was falling dramatically. Commercial property prices had fallen by 30%. We looked at this by getting a valuation in 2019 - for somebody to go back to value them at the time we sold them and they said the €10 million would only have been a €3.5 million loss because there would have been a €6.5 million reduction in the Irish assets between November 2009 and the time we sold them. With assets we sold, I wish I could say we made a profit on every asset in our portfolio but we did not. One must make a decision at the time and one must live with it, in terms of making sure one did what one thought was the best outcome at the time.