Mr. Lar Bradshaw:

Let me read it out. Section 8.2 of the minutes of the meeting of 24 October states:

The Board noted that Ministerial sanction to increase borrowing and to the acquisition of shares in a company was expected to be received during the day. In relation to the book valuation of some €250m which had been included in the Authority's submission to the Minister, it was noted that this figure was based on a plot ratio of 2:1 [not 2.5:1 or 3:1, as the Comptroller and Auditor General pointed out] and on the basis that the authority would be acquiring some 49% of the shareholding of the company (as opposed to the 26% in the current transaction).

Let me explain what I think happened, based on that. We got a copy of Mr. Paul Maloney's letter-----