Mr. Donal Rooney:

Critically, in that board paper, a discount rate of at least 10% was put forward and that, as I mentioned earlier, is one of the key components in the equation to get to the minimum price. Second, I am speaking from personal experience. When you are looking at a review, you are looking at evidence. The documentary evidence is only one part of the equation; it is the subsequent clarifications and follow-ups through meetings with individuals that you need to also consider as importantly as the written evidence. Any clarifications that NAMA staff and management provided to the Comptroller and Auditor General would have clarified the point that the 10% discount rate was the one the board focused on in making its decision.