Mr. Brendan McDonagh:

It was a small element of our overall portfolio and took up a great deal of management time. The market is very small and dependent on support from the UK Government. There were signs of that support declining. We had to take a view of the Northern Ireland economy as a microcosm. It is not like the Republic of Ireland, which is coming out of recession. The board had to take a strategic view when a reverse offer was made. We marketed the portfolio with open bidding. Eventually, out of nine original bidders two people made a bid and we took the bid from service. The board took the view that when we considered our projected outlook for that portfolio in terms of our impairment exercise it was strategically sensible to get the money now and get out of the portfolio in one go.