Mr. John Moran:

Yes, it involves going out to tender for people to assist him in valuing the assets. Once that is done the liquidator will then in effect sell the assets to realise the maximum value that we can have. It will happen over the next couple of weeks and we have indicated that we think the entire process should finish within six months. If we can do it more quickly we will. To prevent the risk that might otherwise arise in a liquidation as complicated as this of people perceiving this as a fire sale and therefore bidding very low for the assets we have put in place a structure whereby in effect NAMA's participation in the process will set a floor on the value. Only if people are prepared to bid more than the value that NAMA sees in the assets by winding them down or running them off over a longer period will the liquidator in effect sell them to third parties. Once they move to NAMA the process will continue and it may be at that stage that the realisation of the best value for the taxpayer may include a subsequent sale by NAMA of the assets. The importance of NAMA's participation is to prevent the perceived notion of a liquidation as a forced sale with values therefore at rock bottom and a buyer descending on it. That is critically important because the point that is often missed, although we referred to it earlier, is that the State is in effect guarantor for the value of those assets given that it is guarantor to the Central Bank of IBRC's borrowings in the first place.