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 David CullinaneDavid Cullinane (Waterford, Sinn Fein) | Oireachtas source

Exactly. That is the whole point, but the witnesses have never given the committee any documentation that justifies the 10% discount rate for Project Eagle. The witnesses are the ones who reference back to the 2013 accounts, not me. They answered the question for me. Mr. Rooney accepts the flaw in that argument in his response. We are looking for the rationale and the justification for applying a 10% discount rate and not a 5.5% rate based on evidence and expert opinion, and not internal verbal advice from NAMA. I asked earlier about documents. I was told documents are floating around. We have not got them but we need them. Mr. Rooney cannot fall back on 2013 because, by his own admission, it is not the correct way to look at it.

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