Mr. John Mulcahy:

The Deputy has to understand that the wording of the NAMA Act refers to the best achievable financial return, having first been prefaced by referring to dealing with the assets expeditiously. That is why we introduced the competitive tension part. Frankly, I was surprised that we had €1.3 billion on the table. I would have thought a smaller figure might have come forward. Then the decision was not to take the €1.3 billion but to subject it to a process involving Lazard and create some competitive tension to see if there was anything better available. That is the way I would have seen that covered.