Ms Ann Nolan:

This is not necessarily the only way of looking at it but the issue is what was their minimum value, how did they arrive at that and was it reasonable. Probable loss becomes emotive. The question is: was £1.3 billion a reasonable minimum value and is appendix 3A of the board papers a reasonable way of assessing that? It probably could have been a bit clearer in the board papers, looking at it a long time later, but that is the question. Once you go into a process, if you have a minimum price set, the decision is you are going to sell at that price, more or less.