Mr. Seamus McCarthy:

Yes, or it had already picked up. PIMCO was looking at the 2009 valuations so it would not have known how much impairment NAMA had built in. The NAMA cashflows took account of its assessment of the deterioration in the assets. NAMA has said there was valuation advice, and in some cases red book valuations, for a significant part of the portfolio but by getting a valuation of the whole portfolio before it sold it, it would have gotten a better fix on what it should have expected for that portfolio but they did not do that.