Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

Regarding the non-competitive nature of the valuation, Mr. Williams said that Avestus was only given exclusivity a long way into the process. The valuation used by NAMA was a 2009 valuation. Part of the portfolio related to Irish properties which we would all accept would have dropped from 2009 to 2011. Those of us who were around at the time would have seen that happen. The other part of the portfolio which was overseas, not in this State, increased in value, for example, the Paddington and Kensington properties. Moving into 2012, those were exchanged for that 2009 valuation. Why was no revaluation of the assets carried out prior to the sale in accordance with NAMA's loan sale policy? I might put that to the CEO.