Mr. Paul Maloney:

No. I had no concerns about that because as I said to Deputy Murphy, first, I had run iterations all between 3 and 30 October with professional teams that gave me those valuations and, second, I had, as a result of the concerns the Deputy rightly raises, reduced the risk from 50% down to 26%. I had implemented the cap. Third, we had mitigated with the €35 million cap on recourse. I was satisfied, first, that the iterations we were doing with professional teams were satisfactory and, second, that the mitigation was in place.

I should have said there was another independent valuation, to which the Comptroller and Auditor General referred, which I understand was done three weeks later by the same team, CBRE, which valued it at €400 million.