Mr. Brendan McDonagh:

-----he is saying that the board set an entity return target of 20%, which we have exceeded. He is saying we have not taken account of the time value of money but our view is that, with interest rates so low, the time value of money does not make much difference. We inherited a distressed assets portfolio and had to sell some because we had no long-term mandate to hold onto them. We have an internal rate of return target for our residential housebuilding business which, because it is subject to a state aid investigation, is 15% and we are exceeding that.

As such, we take account of the time value of money, which is the biggest part of our residual portfolio.