Seán Fleming (Laois, Fianna Fail) | Oireachtas source

The Comptroller and Auditor General can understand that the figure of £1.3 billion came from PIMCO to start with and that a few days later, it is NAMA's reserve price. NAMA will have to explain to us how there is no connection or whether there is a connection between them.

My next point concerns the reply received on 3 November relating to this issue. On page 5, there is reference to financial statements certified by the Comptroller and Auditor General. I have to put this final point to him. At the top of page 5 it is stated, "For the 2012 Financial Statements [2], the methodology used by NAMA for arriving at ‘fair value’ was to discount future estimated cashflows at 10%", so this was in its 2012 financial statements. It goes on to state in page 5:

[F]or the 2013 Financial Statements [3], the fair value cashflow discount rates were 5.5% for future cashflows forecasted for the period between 2014 and 2016 and 10% for cashflows forecasted for the period after 2016. These financial statements, including the ‘fair value’ disclosures using 10% discount rates, were certified by the C&AG in May 2013 and May 2014 respectively.

There seems to be a change in the 2013 accounts to 5.5% from 10% in 2012. Is that correct?