I am advised by NAMA that, for the purpose of measuring and comparing the profitability or attractiveness of potential transactions or projects, it uses a range of qualitative and quantitative metrics. The decision by NAMA on whether or not to proceed with a transaction or project is made by reference to whether it is in the best interests of the State, in accordance with Section 10 of the NAMA Act. When measuring the projected internal rate of return or discounted cash flows on a particular transaction or project, NAMA takes account of the unique risks and characteristics of that transaction or project. The market may or may not use a different discount rate depending on their own investment objectives but that is not a matter NAMA can control.