Mr. Seamus McCarthy:

As far as we were aware, Fortress became aware of this because of press reports. In figure 4.6 we show how it came about that individual potential bidders came into the process. As a result of becoming aware of the process through the media, both Goldman Sachs and Fortress made approaches to NAMA or Lazard. We were aware of the cash-only bid. I think we referred to it in the report. I suppose the point is that none of the bidders were to be in a situation where a bank or funder would also have to get involved. It would introduce a conditionality on their bid if they required external borrowing. That is not to say that when the acquisition occurred, they used bank borrowing. As far as we were aware, that did happen with Cerberus but that was post-acquisition by then.