Mr. Frank Daly:

We wish it was documented and we have acknowledged that today. At the end of the day, I presume the committee is considering all the evidence. There have been two, three, eight, nine or ten people from the board or executive of NAMA before the committee who have given evidence in regard to that.

I have one brief comment. I go back to the Chairman's reference to the ordinary person on the street. He or she will say the Comptroller and Auditor General found NAMA should have held onto the assets and have gotten €190 million more. That is what is being said to me. I accept that the Comptroller and Auditor General did not make a recommendation to that effect. I point in particular to paragraphs 3.86 and 4.83. When one looks at those together, the clear inference is that if we had held on we would have gotten the €190 million. I know the Comptroller and Auditor General has not directly said that. If he said what he said two or three minutes ago, going back to our previous conversation, namely, that NAMA had the option to sell or hold and that was a commercial decision for NAMA because it is our responsibility and it had been left at that, I doubt we would be here arguing about all this.

The headline that came out of this was that NAMA generated a probable loss of €190 million for the taxpayer. That is what is being said to me on the street. From our point of view as a board, as individuals on the board and executives, the committee will understand that is what we find difficult. The Comptroller and Auditor General said some time ago that it was NAMA's decision to hold or sell, and it was.