Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

Yes, I will address one more very important point.

Paragraph 2.4 of the report shows the carrying value of the assets held in Project Eagle at 31 December 2013. It indicates a loss of 13% on the sale proceeds. Paragraph 2.4 also shows that in some cases there was a difference of in excess of 30% in the case of participating institutions which were managing the loans. In terms of the Comptroller and Auditor General's previous auditing work, part of his office's function in auditing the National Asset Management Agency involved reviewing all board minutes of NAMA. Why has this matter not come to the committee's attention before? As Mr. McCarthy will accept, the loss is significant. The opening paragraphs of the summary set out how significant it was, in that approximately £162 million was related to Project Eagle. Will Mr. McCarthy help us to understand the reason the loss did not come to attention previously in terms of processes and how it was managed, never mind conflict of interest issues?