Ms Ann Nolan:

There is an underlying theme in the report that the alternative was to work out the loans until 2020. If I were to look at it from a policy point of view, I did not think that was an option given the difficulties there were in terms of the NAMA bonds, the ECB and the pressure we were under to reduce the debt. Just as we came out of the programme in January to March 2014, I do not think it was an option for us to decide not to sell a really large portfolio purely on the grounds that we might or might not get more money. We had to set a value and decide whether it was value for money. That is what NAMA did.