Mr. Frank Daly:

We had no great discretion on the price at which we acquired the loans. The price was dictated by the European Commission and by regulation. It was dictated on the basis that they would be valued in November 2009 at the market value. On top of that, it was dictated on the basis that there would be a long-term economic value uplift, which, in effect, was state aid. Let us consider the price we paid. The reality is that we overpaid by €5.6 billion in respect of the state aid or long-term economic value uplift. This has been brought out by the Comptroller and Auditor General in his reports. We priced them at November 2009 rates and an uplift was applied. We should remember as well that even after that, property prices continued to deteriorate up to 2013. I do not believe that we overpaid in any sense. I know this point is adduced from time to time. Some people maintain it is easy for us to say we will make a €2 billion profit because we bought the loans cheap. Actually, we did not, we overpaid for the loans.