Mr. Aidan Williams:

On the analogy of the car auction, NAMA does not grant exclusivity until after diligence has been done on any debtor's portfolio. The proof of that is in the Paddington asset that was removed from the portfolio when information was received that the asset was potentially more valuable. The exclusivity is given when NAMA is at the stage where it has done diligence and thinks it appropriate at that time to enter into an exclusivity agreement.