Mr. Declan Reid:

I wish to clarify the matter for Deputy Mary Lou McDonald. The memorandum of understanding originated from a call between Ronnie Hanna, the Minister, Minister Robinson's office and me regarding the sales process. Minister Robinson indicated that he had concerns about how NAMA, or any owner of the Northern Ireland loans, would manage these loans in the interests of the Northern Ireland economy, which was understandable. He indicated that he would seek to put such a letter of intent, or MOU, in place with potential bidders. We advised him that it would be wise to send it to NAMA for its information and identified Ronnie as the appropriate person to send it to.