Mr. Frank Daly:

What was going on in the background did not influence NAMA one way or the other. We received this memorandum and decided we would not engage with it but ignore it. There are several conditions in it that would have been unacceptable to us and, in fact, were quite offensive in terms of the way we dealt with debtors and assets. Governments will always try to get the best deal. In the recent Aer Lingus sale the Government worked very hard to get the best possible deal for the Irish taxpayer from IAG. Is it surprising that-----