Ms Oonagh McPhillips:

We did not value it ourselves. We get expert valuation people to do it. In 2015, it was valued at €2.4 million. It was then valued in 2020 at €2.7 million. Probably because of Covid-19, but I am only speculating in this regard, that was a paper-based, desk exercise. It did seem to us to be a reasonable valuation in respect of the increase in land values between 2015 and 2017. On foot of the Comptroller and Auditor General’s views on this issue, we sought a further valuation and that was €6.7 million.