Mr. Brian McEnery:

There are two other aspects. There was a significant amount of information which would have been available through our financial statements, which gave a composition of the loans. That is publicly available as part of the annual report. Second, it is useful, as a follow on from what my colleague has said, to note that when PIMCO approached NAMA, it did so with a range of between €1.1 billion and €1.3 billion. In essence, what it was really saying was this: "We have an interest potentially in this portfolio and these are broadly the parameters; the high end is €1.3 billion and the low end is €1.1 billion and we will not know until we get in and get some detail around it". In effect, it had given itself a 16%, 17% or 18% margin of movement between the €1.1 billion and the €1.3 billion.

That is why we went off and looked at what we determined was the value pertaining to that portfolio.