Mr. Brendan McDonagh:

Because they did not have the funding in place to complete the deal. Everybody was told in advance that when the loans are put on the market, they have to have funding in place when they make their offer. They made the offer without having the funding in place. The alternative offer had all the funding in place and they could complete the deal. Our loan sales agent - an international bank - made a recommendation to us to accept the offer, and the board of NAMA had to make a decision to accept the offer. I cannot say any more than that because there is litigation ongoing but I assure the Deputy that NAMA did the right thing.