Mr. Patrick Long:

From my perspective, we ran a highly competitive sale process that was designed to meet NAMA's objectives, which did in fact meet NAMA's objectives and which resulted in a sale of the portfolio, code-named Project Eagle, to Cerberus at a price in excess of NAMA's reserve price. As such, I would say that the transaction was successful. Furthermore, in my view, the sale price achieved was the highest available in the market at the time. If the Comptroller and Auditor General believes that a different sale process would have resulted in a higher price, he is obviously entitled to that opinion. I believe that the sale process was appropriate in the circumstances.