Mr. Patrick Davitt:

The valuation ... a valuation ... a market valuation ... both of them are done on market valuations. Like ... the ... the ... NAMA call them a different ... a different valuation but this is an open market valuation. So the open market valuation of a property is taken on a valuation date ... on a particular valuation date. So if I value a property today ... if I go to look at a property today under the now understanding of market value which is in the new directive in June 2013, I have to actually ... today is the day I have ... I have to do the valuation value. I can't come back in two weeks' time and when I start to write up the report do the valuation value on that day. So I have to do it today. So when I do the valuation report today and I do that today, it could be value A. Now if I was six months prior to that or a year prior to that, or a year again prior to that, obviously the open market valuation is going to be ... its a moving figure at any time because it is ... on the particular day that you do the valuation. So while the discounts are there for NAMA ... but the discounts are on different times. So the timeframe would have been possibly ... the NAMA date was 2009, 13 November 2009. Whereas a lot of the valuations were done ... completed before that. So the valuations ... you would only have to ... have to believe that the valuations were done on the correct valuation open market value on that date that they were done.