Mr. Brendan McDonagh:

The board determined that we would use an alternative measurement because when you measure the return, as the Comptroller and Auditor General outlined, it takes account of the cost paid for the portfolio. Looking at it from NAMA's perspective, we had to pay almost €5.6 billion more than what the market would pay for it, which was determined by the European Commission and was state aid to the banks. If somebody else had bought it, the banks would have been paid €5.6 billion less. The board decided that we needed to take account of the fact that we overpaid by €5.6 billion on day one.