Mr. Patrick Long:

I do not think there is any bias towards PIMCO by virtue of it being PIMCO. It made an offer which NAMA viewed as attractive and, rightly in my view, NAMA decided to appoint a loan sale adviser to undertake a marketing process to see if that price could be bettered, and, indeed, it was bettered. Cerberus paid a price in excess of the reserve price. If the Deputy recalls, PIMCO did not actually bid £1.3 billion for this portfolio, it indicated a range of £1.1 billion to £1.3 billion, so at the end of the day NAMA achieved a sale price in excess of the top end of the range-----