Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I want to complete discussion of this discount rate. If we look at NAMA's documents, it answers all the questions. I am looking at page 111 which concerns NAMA board meeting minutes of 8 January. I referred to the December meeting. The board met again in January. Paragraph 3 is very important because this was where the minimum price was set. In the middle of paragraph 3 it is stated:

In relation to sales price, the Board noted that PIMCO had given an indicative bid of £1.1 billion to £1.3 billion subject to due diligence. The Board noted further that NAMA’s own discounted cash flow valuation of the portfolio was in the £1.2 billion to £1.3 billion range depending on the assumptions used.

The assumptions used are the reference on page 139 that we already used in respect of the PIMCO bid - table 7.