Mr. Patrick Davitt:

The document itself is ... it's a note written on ... taking into consideration, or taking into account, a valuation that was done at different times and it's a pro-formatype of valuation that's done or it's a note confirming the valuation is really what it is - it's not a valuation. There's possibly a valuation report behind this, I'm not sure of whether there is or whether there isn't. But it says on the right hand side, if I'm reading it correctly, it says the internal valuation held by the bank on 1 October is €65 million and it says on 31 May 2008 it's €65 million and they're happy to hold it at 65 - sorry, it may be done the other way around, it is possibly done the other way around - that it was done by a valuation company of the 31 May of €65 million and it was held by the bank at €65 million. They continued the valuation at that stage, and then when the normalised valuation was done at the 30th ... I don't know what date it is ... it's ... I think it's the end of November I think it was when these valuations were done, or the first week in December - the normalised value, the sale is valued by €43 million ... €42,500,000. And obviously they say different reasons why the valuation is different. They say the value with and without planning permission provided in the report and the value adopted, was a lower figure. So like they are looking at different ... the inputs in a valuation are going to be what the outputs are going to be, so if you put in different inputs obviously you are going to get different outputs. This valuation is possibly for land - I don't know what it's for - but the land values have fallen from 2006-2007 to 2008 and 2009 by possibly by as much as 90%, so they fell very, very quickly. But if you put in different things ... if you take different ... different assumptions when you're putting the valuation together, obviously you are going to get different ends at the other end. So it's the ... the valuation might have fallen, and it looks there it has fallen - obviously we can see that - but the reasons is what we'd want to look at.