Mr. Frank Daly:

I must reiterate that there is no evidence that Mr. Farrell sent the information to anyone beyond himself via his wife. I agree that the information is sensitive. However, at this stage it is, to a certain extent, historic information. During previous appearances at this committee and elsewhere we were asked if NAMA's price is always the acquisition value and if we ever deviate from that, to which our response was that at the end of the day we are in the property market right now and what matters and is important is the price we get now. The information is important although not vital. The fact that we are now in a state of awareness that this information could be out there - we do not believe it is - makes us very careful.

Property prices and valuations are not totally dependent on the value we placed on them in November 2009. What is important is the current market value. Anyone engaging with us in regard to the sale or purchase of property has his or her own way of evaluating prices and values, as does NAMA. We do not always go back and look at the value of a property n 2009, concluding that the correct price at a particular time is a particular figure minus or plus X.