Ms Ann Nolan:

No. Let me make it absolutely clear what I said was "it was not expected"; that is different from being envisaged. We knew the loan book was going to the market for sale; we thought it was more likely that it would end up with NAMA. It would be fair to say that the Irish economy has recovered in the past 12 months and the amount of interest in buying Irish assets has improved significantly in the past 12 months. We knew that some of the assets would sell but at the time we liquidated, it was not clear to us that there would be as much interest or that as big a proportion of the assets would sell to the private sector. One of the reasons we put in the NAMA arrangement was to make sure there was not a firesale because that would have left the Irish taxpayer very exposed, but all I said was it would have been our expectation that it was more likely that a bigger proportion of the assets would end up with NAMA than now appears likely.