Mr. Brendan McDonagh:

As stated in response to Deputy Cullinane, the Comptroller and Auditor General responded on that. One can have a financial measure of NAMA's performance based on the European Commission methodology, involving a return of 5%. We are currently returning 6.2% so we are ahead of the benchmark set at the start in terms of the loans we required.

The board said in 2014, after the first Comptroller and Auditor General review of NAMA, that NAMA should go about benchmarking its exercise. The board considered this and decided to set a measure called the entity rate of return, EROI, which is based on our total portfolio rather than individual pockets of the portfolio and said we have a target of 20%. The Comptroller and Auditor General's point is that one should take account of the time value of the money in that return. That is fine. I do not disagree that the Comptroller and Auditor General has that view. That is absolutely fine; that is the Comptroller and Auditor General's view. The board's view is that we do not take account of that; we take account of the measure that we set, which is a 20% target.