Oireachtas Joint and Select Committees

Thursday, 29 September 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle

9:00 am

Mr. Frank Daly:

It is £1.674 billion, which is the adjusted carrying value at the end of 2013. That is where we are agreed. We and the Comptroller and Auditor General are more or less ad idemon that before discount. Then we get to this discount figure. Is it 5.5% or 10%? The Comptroller and Auditor General applied 5.5% and he comes to a value of £1.49 billion. We apply 10% and we come to a value of £1.3 billion. Take one from the other and one gets the £190 million that is the very contentious figure running right through that. That is all I wanted to say. Obviously, there are other issues around the sales process. A core issue seems to come through the Comptroller and Auditor General's report. Should we have held on to these assets or should we have sold them? That is an interesting debate we can have later on.

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