Ms Ann Nolan:

It depends on what way one looks at it. My concern, and this is why we get back to the question of what is commercial and what is not commercial, is and remains that NAMA will not be left with assets it cannot sell and that we do not put it in a position where it cannot make a commercial decision. That has been and would be my concern. If we look at an average discount rate, and the 5.5% is an average discount rate for the whole book, if that was applied to every individual sale, and in terms of my original mathematics, some things will be sold too cheaply and others too dearly if the same discount rate is applied to everything. That is not to say it has anything to do with Project Eagle. This is a purely theoretical position.