Mr. Patrick Long:

Absolutely. I do not believe that NAMA gave preferential treatment to PIMCO. There was no bias in favour of PIMCO except in so far as PIMCO had made what NAMA viewed as an attractive offer for a portfolio that NAMA found difficult to manage and which they thought it would be difficult to sell. So, in that sense, I think I understand their rationale for not wanting to lose PIMCO. The fact that there were only two bids at the end of the process is partly at least a reflection of the fact that this was not a very attractive portfolio in a difficult jurisdiction.