Mr. Brendan McDonagh:

We inherited assets and we have to sell them. We had to get rid of the contingent liability as quickly as possible. We are not a long-term investment fund. The Comptroller and Auditor General is absolutely entitled to his view and to say one should take account of the time value of money, but the board has said the type of assets we have across three different portfolios causes it to believe an entity rate return is more appropriate for NAMA. It is a difference in professional opinion. I do not think the Comptroller and Auditor General is saying we are wrong. He is just saying it is a different way of doing it. What I am saying to the Deputy is that the biggest part of our residual business is the funding of residential house building. We have a target in generated return of 15%, which takes account of the time value of money, and we are exceeding that.