Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. The banks valued loans on an amortised basis as they were the originators of the loans. By contrast, NAMA, on acquisition of the loans, value them on fair and true-market-value basis. As a result, the aggregate loans came to be valued at €31.8 billion by NAMA in contrast to €74 billion value estimated by the banks. Against this background, how robust in your view were the valuation methodologies during the boom years given such a scale of downward adjustment? And we can see the NAMA discounts on page 25 of the core documents.