Mr. Brendan McDonagh:

To be clear here, we put a reserve price on the portfolio as our estimation of the value of the portfolio. It is like selling a car or selling a house. There is no guarantee that the buyer thinks it is worth the same to them as the value that one puts on it oneself. We were very satisfied that £1.3 billion represented the value of the portfolio, given the nature of the portfolio both in asset time and in geographic terms. If we had been bid less than £1.3 billion, we would not have sold the portfolio.