Mr. Seamus McCarthy:

In the points being made by the experts and even by KPMG, they are focused on how a purchaser of loans values those loans. If one reads through their reports, one will see they are talking about the discount rate that a purchaser might use. Their argument is that the rate needs to reflect the purchaser's cost of capital. A private sector purchaser of loans of this nature will have a significantly higher cost of capital than NAMA. This was acknowledged in the paper produced by NAMA in June 2013.