Ms Mary Moylan:

The figure tendered by Mr. McNamara was €412 million and the authority had agreed that €375 million was a reasonable figure from the authority's assessment of the planning parameters, the development potential of the site and comparable land prices. Mr. McNamara, however, believed that a higher value was appropriate and the authority agreed that he could bid up to €412 million but on the basis that he would meet the difference between the €375 million, which the authority was satisfied was a reasonable value, and the tender of €412 million.