Oireachtas Joint and Select Committees

Tuesday, 25 October 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)

10:00 am

Photo of Peter BurkePeter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

First, I would like to focus on the discount rate because it is the fundamental issue in determining whether there was a significant loss of funds to the taxpayer and the State and to address the frame of mind the Comptroller and Auditor General was in. An auditor can only judge on what evidence is put before him. There has been an admission by NAMA officials that their record keeping was not adequate in a number of areas in respect of recording an explicit justification for the departure of the 5.5% discount rate. Does Mr. Collison agree there was not a robust, strong justification for that departure?

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