David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I will come back to Mr. Stewart in a moment. Very quickly, I want to come back to the first issue I raised earlier about the discount rates. I seek clarification from Mr. Collison. We received documents on the discount rates but they are not what we were looking for. Mr. Collison spoke earlier about documents that were floating around that were very specific to Project Eagle and the particular characteristics he spoke about in his opening statement about the higher risk involved that warranted a discount rate higher than the blended portfolio and so on. They do not seem to be in the notice that we received, or that I received. If Mr. Collison could float whatever notes are floating around in our direction, it would be very useful because we do not have them yet.

I seek clarification on one thing. In Mr. Collison's opening statement, he said, "The fair value methodology adopted in the 2013 accounts involved the application of a discount rate of 5.5% for cash flows arising in the period 2014 to 2016 and a rate of 10% for cash flows arising during the period from 2017 to 2020". We discussed this earlier. He put a lot of stock in this in criticising the Comptroller and Auditor General. The head of NAMA was also quite critical of the lack of what he called "market experience" within the Office of the Comptroller and Auditor General as well. Essentially, Mr. Collison is falling back on the 2012 and 2013 accounts and is saying that this was to do with fair value projections, calculations and methodology, which is actually market value. Mr. Collison said that the fair value methodology for 2013 was a 5.5% discount for cashflows between 2014 and 2016 and a 10% discount from 2017 to 2020. That was not applied in the case of Project Eagle. Is that not correct?