David Cullinane (Waterford, Sinn Fein)
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I welcome the witnesses. Three of their board members got red cards from the Chairman for their opening statement last week. The CEO and the chairperson could equally have got red cards for their opening statements. Mr. Collison's statement was more measured. I do not know if that represents a change in NAMA's strategy but it is certainly welcome.

There are two issues I want to deal with, the discount rate and conflicts of interest and discussions between NAMA and PIMCO. There was reference to a professional disagreement between NAMA and the Comptroller and Auditor General about the difference between the 10% and the 5.5% discount rate. What is the witnesses' view of the Comptroller and Auditor General's concern about the discount rate that was applied, his analysis and his conclusion?