Oireachtas Joint and Select Committees

Thursday, 20 September 2018

Public Accounts Committee

National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report

9:00 am

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent) | Oireachtas source

I return to this at my peril because it is certainly not my area. Page 11 of the report of the Comptroller and Auditor General refers to the rate of return. A fundamental difference is being highlighted, namely, that NAMA's measure, the entity return on investment, EROI, does not take in the time value of the money. What the Comptroller and Auditor General is saying is that the "Internal rate of return is a standard performance metric for property-related investments". NAMA does not use that measure. Could Mr. McDonagh explain why NAMA does not use what is accepted? How did it come up with the other measure?

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