I propose to take Questions Nos. 183, 184 and 186 together.
As the Deputy will be aware there is a Relationship Framework in place with Permanent TSB ("PTSB"). Under the Relationship Framework PTSB is recognised as a separate economic unit with independent powers of decision. The Board and management team retains responsibility and authority for determining the bank's strategy and commercial policies and conducting its day-to-day operations. In accordance with Section 21 of the Relationship Framework I have been notified by PTSB that Morgan Stanley have been engaged to act on their behalf solely to facilitate the sale of the specified loan books only and not to advise on any other aspects of their strategy.
I have also been informed by PTSB that Morgan Stanley were chosen after a thorough competitive tender process taking into account their experience in similar transactions and their track record on previous transactions for PTSB. As the Deputy would expect I am acutely conscious of the potential for conflicts of interest when the State engages advisors to assist us in relation to our banking investments. Indeed the most recent invitation to tender relating to the appointment of financial consultants to the Department of Finance (and the accompanying draft Framework Agreement) contains extensive provisions relating to the declaration and management of conflicts of interests with which tenderers must comply. A copy of the invitation to tender may be accessed through the etenders website.