Mr. Brendan McDonagh:

No, the impairment value was based on independent professional advice. The valuations had to be approved and are subject to audit by the European Commission which has looked at all of the valuations to see if they were correct. If they were not, there would be a state aid issue. There is, therefore, a huge exercise under way in looking at every single property that was valued and independently audited to make sure the value of the assets was correct as of 30 November 2009. The valuations were not only NAMA's view but were independently verified for state aid purposes by the European Commission.