Mary Lou McDonald (Dublin Central, Sinn Fein)
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I have a few questions and I will endeavour to be concise. The reaction to the Comptroller and Auditor General's report has been boiled down to his estimation of probable loss in respect of that transaction. I refer to document PAC32-R-167 B, which is from the NAMA audit committee meeting on Thursday, 1 May 2014. We received it yesterday and Mr. McCarthy referred to this earlier. The document states and then reiterates, "Based on preliminary calculations it is anticipated that the loss generated on the loan sale may be up £160 million". It is stated on the first page and reiterated on the second:

NAMA has now agreed to portfolio loan sale of the Northern ... to Cerberus. This is anticipated to generate a loss on disposal of in the region of £160 million.

What was the hullabaloo and defensiveness around Mr. McCarthy citing a probable loss?