Mr. Seamus McCarthy:

The choice that NAMA had to make came down to the option of holding on to the assets and working them out or selling them in a portfolio. There are obviously other options in terms of packaging them differently and so on, but we do not need to get into that.

We looked at the information that was available to the board when it made its decision. The paper presented to the board uses a discount rate of 5.5%. There were errors in the way the paper was presented. When we corrected for all those, the figure that essentially came out was £1.49 billion. That is the value at the end of 2013.