Mr. Brendan McDonagh:

In terms of lot size, we have sold some large portfolios, most of them loan portfolios. The major ones have now been done and we will be doing smaller lot sizes from here on out. We will not, for instance, be doing anything of the size of Project Arrow or Project Eagle. Instead, we expect typically to be bringing forward €250 million lot sizes or thereabouts into the future.

When it comes to evaluating bids, we try to ensure appropriate sales agents are appointed who have a duty of care to NAMA and are professional in their dealings. We want to ensure everyone gets the same opportunity based on the same information and can bid at the same time and, where there is a closed-bid process, that the bids are opened at the same time.

Our experience to date is that one never hears about 99.9% of the sales process. We are contacted about only a very small number. I fully encourage people to contact us to say they do not like the sales process, the outcome or because they suspect something has gone on. In those instances, we always investigate and ask the agent for additional details such as the marketing report, who was contacted, how many people expressed interest, what bid they put in, what day they put it in and whether their bid went to the first or second round.