Mr. Brendan McDonagh:

No. The 5% discount rate is EIR under IAS 39, which people who are accountants will know. It came up quite regularly at the Banking Inquiry about how IAS 39 looks at historic incurred losses. It does not look at future losses and one cannot do so. We could not have done that either under IFRS.

The market that we are in is that every single asset that NAMA has will have to be sold at some stage. It is what the buyer is going to pay for the asset that is the important thing. It is like me having a house and saying my house is worth €300,000 but when I go to Sherry FitzGerald and the agent says to me, "Okay, Brendan, I will put it on the market but it is only worth €250,000" and bids come in at €250,000. There is no point in me ignoring the market.