Mr. Seamus McCarthy:

I suppose I am taking an economic perspective on this. This is a set of assets that were acquired. The par value is the estimate in respect of what the debtors owe. The carrying value before impairment - obviously, there is a lapse of time from the original acquisition - is, broadly speaking, the carrying value that was estimated. There had been impairment, which in my view was reflecting the deterioration in the asset in the intervening period, as Mr. McDonagh has said. Even then, when they marketed the thing, they found they did not get the price and had to incur a further loss. There were also costs incurred on the settlement, and those are reflected in the loss as well.