Mr. Seamus McCarthy:

One gets some level of assurance from the independent valuations, but the competitive process in the market, with sufficient potential bidders, would be the best assurance.

Regarding section 172, the legislation is very tightly drafted. It was originally envisaged that NAMA would be disposing mainly of property. It did not envisage, and put the same restriction in respect of, the disposal of a portfolio of loans. I do not see a basis for concluding there was illegality here.