Seán Fleming (Laois, Fianna Fail)
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This brings me to page 144. This concerns the documents presented to the board for its meeting on 12 December when it considered the Project Eagle portfolio disposal. In table 9 on page 144, in respect of net present value, the right-hand column uses a rate of 5.5% while the column beside it uses a discount of 2.5%. The last column in table 11 on page 145 again deals with the net present value and has a 5.5% discount. The alternative is 2.5% in the column beside it. If I go up a few lines on that page, it says that NAMA's November 2013 debt using a discount rate of 5.5% resulted in a current value of €1.291 million. Throughout this document, in respect of asset recovery, information is produced based on discount rates of 5.5% and 2.5%, yet the board chose to use 10%. The only place where there is a reference to 10% is on page 146 where it is stated that sometimes a 10% rate can be used to reflect the associated risks and costs of purchasing the loan from the purchaser's side.