Eoghan Murphy (Dublin South East, Fine Gael)
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The February 2012 report states:

After the bid had been submitted, Becbay Limited commissioned the valuers CBRE to carry out a formal valuation of the site to support the financing application to Anglo Irish Bank. Their report placed a value of €412 million on the site as at 3 November 2006.

In terms of the higher valuations placed on the site by Donatex of up to €430 million, these are based on a plot ratio of 2.6:1, but the report states:

The only documentary evidence of this made available on audit was a spreadsheet appraisal which sought to determine the costs, income and developers margin assuming a site cost of €430 million. While this was discussed at the board meeting on 24 October 2006, the authority has informed me it was not circulated to the board until a meeting on 2 November 2006 which was after the board had agreed to bid for the site.

I see justifications for valuations coming in after a decision to bid has been made.