Ms Mary Moylan:

The board did consider the pros and cons set out in the paper before the authority. They considered the various valuations and were satisfied in relation to the plot ratio and previous land purchase prices. The board had advice from the executive regarding devaluation scenarios in the context of a devaluation of land, although obviously not to the extent to which devaluation ultimately took place. The authority's capacity to repay the borrowing was considered. All of that was considered and is part of an assessment of the risk.

There was a very tight timeframe regarding this because the site was being sold by tender and the tenders had to be submitted by 25 or 26 October. Yes, there was an assessment. There was advice but I think it likely that if a longer time period were available, a more detailed analysis would have been carried out.