Mr. Brendan McDonagh:

There can be circumstances where legal issues arise and there is no choice, for example, because the incumbent has a deal in place where he or she gets the first option on a property. Everything is subject to independent valuation. Looking at the sales of properties in the NAMA portfolio, of the €6 billion achieved, only approximately €800 million has been achieved in the Irish market, with the rest of the sales taking place elsewhere in quite liquid markets. Therefore, there is more of a market comparator to determine whether an independent valuation is fair. We must be satisfied we achieve fair value for properties and it is very important to us in terms of our procedures.