Mr. Brendan McDonagh:

Long-term economic value was the European concept. A very good report was produced by the Comptroller and Auditor General in terms of the acquisition and its key point, which not everyone is aware of, is that while the banks got the long-term economic value, the value we paid the banks for the loans was equal to the current market value of the properties in 2009. We took the value of the property in 2009, added the long-term economic value based on a European formula and then put it into a cash flow model and discounted it. By discounting over a number of years, we eliminated the long-term economic value. This is detailed in our 2011 annual report as well as in the report of the Comptroller and Auditor General. It means that the value the banks received was equal to the current market value of the property as of 30 November 2009.