Mr. Brendan McDonagh:

I do not think there was rapid deleveraging. There was a plan to deleverage in a structured way. The Ministers for Finance always made it clear to me and the NAMA chairman when we met them over the years that effectively extinguishing the Government-guaranteed NAMA bonds was important to get done, to help the NTMA raise bonds at good interest rates on the bond markets while interest rates were low. In the scheme of things, our return at the start was projected to be approximately 5% per annum. Our actual return is approximately 12.9% per annum, so we are two and a half times ahead of where everybody expected us to be in 2009.