Mr. Brendan McDonagh:

At the start, there were only about eight or nine funds in the world that could write such a big cheque. All of these funds were approached to see if they were interested in the portfolio. The number was whittled down to three and one of these three parties withdrew, as happens quite regularly not only in NAMA sales, but in other bank sales. Sometimes it happens in major property sales that one interested party falls away for its own reasons. It is just that this was a very particular reason and one for which NAMA would not allow PIMCO to continue.