David Cullinane (Waterford, Sinn Fein) | Oireachtas source

NAMA needs to present that to us in more detail. All of this was done on the basis of painstaking work by the Comptroller and Auditor General's office. This was a serious bone of contention between NAMA and the Comptroller and Auditor General. There would have been a lot of toing and froing and the Comptroller and Auditor General's office would have looked for all the supporting documentation. It seems that it did not get supporting documentation from NAMA that would give any legitimacy to applying a higher discount rate. It is saying that of course if NAMA moves to a market sale and a loan sale it might apply a higher discount rate but the information the board had in real time was that disposing of the assets rather than having a debtor's sale or a loan sale, in the way that was planned at the time, would have yielded €1.49 billion.