Michael McGrath (Cork South Central, Fianna Fail)
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Thank you Chair, and I welcome Dr. Bacon. Can I make sure that we are connecting the numbers correctly here? Many numbers have been thrown around during the course of different questioning? NAMA paid €31.8 billion for loans with a book value of €74 billion, an overall impairment of about €42 billion. Are we correct in relating that back to the broad estimates, made by Dr. Bacon on a macro basis, of €34 billion potential impairment facing the banks? When Dr. Bacon was preparing the report in 2009 which informed the establishment of NAMA, he said to Senator D'Arcy that he did not have access to the PricewaterhouseCoopers' reports compiled at that time. Was Dr. Bacon aware that they existed or were being prepared?