Ms Mary Moylan:

I participated fully in the board meetings and, yes, the executive did say to the board that the bid was being made in the context of an overheated market but the executive did go on to recommend that the authority should participate in the joint venture. What was important as the negotiations developed was that various measures were taken to protect the authority's interests and these included, as I said, the valuation of €375 million being regarded by the authority as a reasonable valuation and the 26% shareholding. The venture was being financed by a 30% equity and 70% borrowing with the borrowing being secured against the site. We also were being advised by professional advisers and care was being taken to protect the authority's interests. What was emerging was that the authority's exposure was going to be limited to €36 million in terms of the equity and the recourse finance in relation to the borrowing. The authority had assets of €100 million at that stage, €30 million of which was in cash. The shareholders' agreement between the authority and Mr. McNamara was to protect the authority's interests and to make sure that they were protected.