Mr. John McCarthy:

No. It is important to recognise, and this has been recognised, that section 106 is a very bald provision. It does not specify criteria that need to be taken into account, and that is something that needs to be addressed. We would have relied significantly on the approval by the elected members and confirmation of that from the local authority as satisfying us that the process had gone to the elected members who are responsible in law for approving the borrowing. The valuation issues would have been undertaken as part of that process.