Mr. Kieran Wallace:

The Deputy must park the two things separately for a moment. We have taken independent advice on setting up the sales process and how to manage that sales process for the mortgage side of IBRC. We took the advice from PwC's loan portfolio team. There were a number of different parties within the first phase of this particular sales process but the issue becomes even more pertinent in the second phase because it did not apply to some of the parties in the first phase.

The advice that we have taken says that if we include it as a definitive term then it will impact on value. That is a very live issue for us. Two weeks ago there was a case in the US where the judge refused to confirm a particular sale regarding IBRC because he thought there was better value available in respect of that sale. It is a pertinent issue for us, as liquidators, that we get best value.