David Cullinane (Waterford, Sinn Fein) | Oireachtas source

What NAMA wanted us to believe, and this is the crux of the matter, when it is pressed about the 10% discount rate that was applied it talked about the 2012 accounts, the 2013 accounts and the fair value methodology and all of that. That is the excuse that is given. On page 9 of the opening statement, however, we read, "The fair value methodology adopted in the 2013 accounts involved the application of a discount rate of 5.5% for cashflows arising in the period 2014-2016 and a rate of 10% for cash flows arising during the period from 2017 to 2020". Project Eagle was in 2014 so would it not follow logically that a 5.5% discount rate should have been applied to the cash flows? Is that not the policy Mr. Rooney is talking about, the fair value methodology?