Mr. Seamus McCarthy:

The cashflows that NAMA put together were looking forward. Inevitably, there would be some element of difference in the outcomes. The other point that comes into it is that NAMA got a better price for the portfolio than the €1.3 billion it was putting it on the market for. My re-working of the cashflows was indicating a net present value of €1.49 billion for that. I was focusing on the decision to put it on the market and say "we are prepared to sell it at a price of €1.3 million" because that meant there was a gap of €190 million. My understanding is that NAMA was prepared at that stage to take that level of loss.