David Cullinane (Waterford, Sinn Fein)
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Ms Nolan has missed my point entirely. I do not know whether it was deliberate or because she genuinely did not understand what the Comptroller and Auditor General has said. NAMA worked out the value of €1.49 billion that was based on a sales strategy to work out the assets over time by 2020. Not that one would sell them in 2020 but work them out over time. Then there was a decision to change the sales strategy and because of that decision, at some point when the sale was on, the purchaser's discount of 10% was applied. The witnesses cited, when they were here before, that there were all sorts of difficulties with the NAMA bonds, the ECB and the pressure it was under. At the time, and we heard this from the Comptroller and Auditor General this morning, the cost of capital for NAMA was very low. He talked us through it but I do not know whether Ms Nolan caught that this morning.