Ms Mary Moylan:

There was a formal valuation after the bid was made and that is the one to which the Deputy is referring. The executive had other valuations of the site, which related the plot ratio to the number of units per hectare and what that development opportunity would realise. The executive was in consultation with professional advisers and the chief executive advised the meeting on 20 October 2006 on the value of the site, which is when the board agreed that the value of €375 million was a reasonable value having regard to the information the chief executive had presented about plot ratio and the development mix. There was a discussion on the number of units that would be realised by that type of plot ratio.