Mr. Seamus McCarthy:

Yes. The board paper is there. It is in the board paper on page 139. PIMCO had access to a data room for the top 55 assets. It is just at the bottom of the page. The letter the Chairman read this morning refers to its indicative bid of £1.1 billion to £1.3 billion. One can see in table 7, at the bottom of page 139 of the report, PIMCO's bid of £1.1 billion to £1.3 billion. The assets PIMCO examined were the top one to 55. One can see in NAMA's cashflows, it was projecting the disposal cash from those assets of £891 million. That was without doing any discounting. PIMCO was willing to bid for those assets at £950 million so it was actually prepared to pay more for those assets than NAMA was carrying in its cashflows at the time. What that suggests is that PIMCO was valuing the assets more highly than NAMA was.