Mr. John Collison:

I do not agree with the Deputy. All of the bidders were given the exact same information. Granted, PIMCO had access to some of what we would describe as limited information in advance of the others. One could say, certainly, that the bid level that PIMCO submitted was, no doubt, of interest to NAMA but that is not to say that we were not interested in actually exceeding that bid. If there were bidders who were prepared to bid higher than PIMCO we would have been satisfied to accept their bid. Lazard was given that flexibility. Meetings took place with all of those bidders and they were told at the very outset what conditionality would apply, what information would be available and how the transaction would take place. They were given the option at the time to opt in or out. That appealed to a number of them and they felt they could transact in that sort of timeframe.