Mr. Seamus McCarthy:

We did not seek external assistance as part of the team dealing with NAMA. What we did do was have an earlier draft of the report reviewed by two individuals in the National Audit Office who have considerable market experience. It was prior to the meeting with the Department of Finance. We had discussed with the National Audit Office what the standard sale processes would have been and so on. We were presenting the findings as we had them at that time. One thing I would like to say is that we did not speculate about motivations or strategies that any participant in the market would have adopted. We are perfectly capable of doing it because we are talking about economic decisions and actions and so on. We could have speculated about it and we could do that privately. However, we cannot do that in a report. If it comes across to anybody that we do not understand what the economic drivers of any agent, that is just not a reasonable interpretation of the report. The report is about what happened and not about what people might have been trying to do or second-guessing.