Mr. John Mulcahy:

It might be instructive to look down the other end of the telescope. We had one £1.3 billion on the table. If we had said "no" to that the chances are that it would be worth 20% less with the currency difference. Second, the Northern Ireland property market has performed badly. Taking it against assets down here if we had put the £1.3 billion into Republic of Ireland assets, as they are called, we would be up 60%, in Northern Ireland the asset values have hardly moved at all. Looking at the result of taking the £1.3 billion, as opposed to not taking it, the answer is clear. That is why it was a superb transaction.