Mr. Patrick Long:

While we knew PIMCO had withdrawn, we did not know the precise circumstances of PIMCO's withdrawal. We advised NAMA that we felt there was sufficient competitive tension left, that Fortress and Cerberus were sufficiently engaged in the process that we were confident NAMA could achieve its objective of selling the portfolio in its entirety in excess of the reserve price, which is what happened. For some parties a compressed timetable was difficult while for others it was attractive. I could quote from the Comptroller and Auditor General's report.