Mr. Brendan McDonagh:

In terms of our strategy in regard to selling overseas assets, we had no choice. The NAMA board of seven set its target for 25% of its debt by the end of 2013. Within a few months of setting that target, the troika arrived here and adopted that target. It said we had to meet that and had to generate the amount of money required to pay off 25% of the debt by end 2013, whether we were on target towards achieving that or not. The question was where we could get that money and the best place to get it was from the overseas markets where we had assets. During 2010-2011, while the European crisis was almost at its height, London was seen as a safe haven and people were moving their money to London. The majority of buyers of our assets in London have been cash buyers, so were not relying on debt finance. There were also people from wealthy countries and sovereign wealth funds who wanted to buy good assets in good locations and these were driving yields down. The yields on assets in London when we acquired them were probably 5.5% -----