Mr. Seamus McCarthy:

On fair value versus carrying value, carrying value and accounts in general should reflect the nature of the business and what it is that the business is trying to do. So, with regard to loan assets, if one is intending to hold them and work them out, that should be reflected in one's financial statements. The carrying value does that; it is built on cashflows that assume that NAMA would work out the assets over time, from 2014 to 2020. Everything on the balance sheet was looked at from that point of view. Under International Financial Reporting Standards, IFRS, NAMA is also required to disclose in its financial statements what would happen if it had to sell all the loans on the balance sheet date, if it had to have a fire sale of everything it holds, which is different to its strategy of working them out. The fair value amount is to be presented in the financial statements as well but it is presented by way of a disclosure note rather than being built into the balance sheet. If NAMA changed it strategy and moved to one of disposing of the loans as quickly as possible, then it would have been required to revalue those loans and present in its balance sheet the loans valued on a fair value basis.

I ask Deputy Cullinane to repeat his question.