Mr. Seamus McCarthy:

I wish to make an additional point about tables 8 and 9. Table 8 is a projection of what the value will be at the end of the year for accounting purposes. The discount rate underpinning that is 4.8%, which is the average effective interest rate for accounting purposes. In table 9, the figure used for discounting was 5.5% so that is why we queried why it was 5.5%. We got the explanation, which was related to the June paper. A further difficulty with table 9 is that when a future value is discounted, it brings it back to a particular point in time, usually to a balance sheet date. NAMA's standard approach in doing that is that it treats rent as it gathering rent all through the year. If there is a rent roll of €100 million, basically it is treated as if it came in on 30 June and it is discounted back to the balance sheet date, which is December. When NAMA produced table 9, it changed that assumption and nowhere in this paper to the board does it explain that it changed it and what it did-----