Michael D'Arcy (Fine Gael) | Oireachtas source

Can I ask Mr. McDonagh ... the average loan discount ... and I am operating from the core documents of NAMA - NAMA C4b Vol. 1, dated 31 March, page 26. And this is a presentation you made, Mr. McDonagh to the public accounts committee on 13 January 2011, "[The] loans transferring to NAMA was actually going to be less than the 30% estimate in the [Minister ...] Minister's September announcement." As it transpired, the real discount that has been applied across all five institutions to date is, as we all now know, an average of 58%. Could you explain how we moved from a position where it was going to be less than 30%, to an average amount of 58%?