Mr. Brian McEnery:

We did. We looked at the cash flows out to 2020. In other words, we looked to see, for instance, whether the assets were generating income. If income was being generated, it would have been included in the cash flows. At a point in time we would have asked when the asset was likely to be sold. We went through the cash flows for the assets in Northern Ireland and they were modelled annually to 2020. That amount, as the Deputy rightly said, was more than £1.6 billion. However, as he will fully appreciate, cash in 2019 and 2020 will not be worth the same as it would have been in 2014 or today; therefore, it is brought back to today's values. The clear view of the NAMA board was that there was a price, which was £1.3 billion. In fairness to Mr. Rowntree, he fully acknowledged he did not have granular information on the debtors. He states this in the transcript. He did not know the portfolio of assets NAMA was holding because it was never discussed at the NIAC.