Peter Burke (Longford-Westmeath, Fine Gael)
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My concern is in terms of the value-for-money audit. We are checking everything that is in the board. We are checking the data and backup, or lack thereof, NAMA has had for its decision. Mr. McCarthy's scope is to get the backup for the discount rate NAMA chose. It had cited different discount rates in the past which were lower than the one it chose for the portfolio. This is the replicated extract Mr. McCarthy has. If we are saying there is a significant probable loss, surely it has to have a commercial benchmark.

NAMA is very unusual in terms of its cost of funds and its risk. No other firm can have those supports in the market when purchasing property. I am concerned about how it stacks up commercially when there is a loss to the taxpayer because this discount rate is incorrect. If NAMA has backup for certain points in the report, that has to be tested commercially to show it is incorrect from its point of view. That is why I am concerned.