Seán Fleming (Laois, Fianna Fail) | Oireachtas source

The paragraph to which Mr. McEnery referred, on page 146, and which mentions the rate of 10% begins as follows: "In NAMA AR [asset recovery] experience, a party buying a non-performing loan portfolio ... is likely to discount the value of the underlying security by at least 10%...". In other words, the 10% rate is relevant to the buyer, not the seller. That sentence which is the only reference in the report to a 10% rate relates to a buyer's discount. NAMA management has been at pains to state there were two halves to the transaction, namely, the buyer and the seller. We sometimes think there is only one transaction, but NAMA has maintained that there are two. The witnesses cannot come in here and use a buyer's non-performing loan discount to put the word out that the 10% rate is the seller's discount.

Mr. McEnery also referred to NAMA's 2013 financial statements. What page did he mention?