Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Mr. McDonagh went half-way to where I thought he was going to go. He said there was a discussion of the 10% discount rate in the board meeting, and in hindsight he thinks it would have been better had it been recorded. That is part of the story. The issue is the documentation presented to the board meeting. I refer, in particular, to page 144, appendix C, of the report which refers to documentation presented to the board. The right hand side of the column on page 144 shows that the documentation presented to the board was a 5.5% NPV and 2.5% NPV. It is not just a question from our perspective that a 10% discussion may have taken place at a board meeting and was not documented. The issue is very clear, namely, that there was no document presented to the board about a 10% rate.

In terms of generating a scenario, a reference to a buyer's discount will not do. In terms of the scenarios generated, which is in bold in Mr. McDonagh's statement today, the only two scenarios that were generated for the board were 5.5% and 2.5%.