Mr. Seamus McCarthy:

The tender was in connection with the section 226 report which remains to be done. I do not think the tender was too restrictive. When we put out the tender, we emphasised that conflict of interest would be a qualifying condition because NAMA’s operation is so extensive that it would be hard to find anybody in the market who was not either working for NAMA, for a purchaser of assets of NAMA or for a developer involved in NAMA. A lot of money has been spent on hiring professionals. If that was the whole playing field, that would be one thing, but there would be a strategic choice made by somebody who would agree to assist us to audit NAMA because it would close that company out of other business. There are many possible business reasons for people who might otherwise be interested in the work for us not to have tendered.