Brendan,
Could the bankers or the NTMA trading as NAMA tell the difference?
Do you want to tell your debtors that you do not think they will pay - ask any receiver or liquidator what this does to asset valuation.
Fair Value is really what you get in Ballinasloe or at the Puck in Killorglin.
As regards what will go on between NAMA and the Banks, you might as well draw lots in terms of arriving at a valuations between these parties and in assessing whether the prices are fair or not.
What is a fair price? Is it what Tesco/Dunnes/Walmart pay their suppliers? Is it what Moneylenders charge their borrowers? Is it what pension fund managers charge pension fund trustees or individual pension purchasers?
There are methodologies, there are markets and there are prices. A Fair is where some prices are negotiated but as an adjective, it is misleading to bring it and price together too often without misleading people.
Hope that helps Brendan.
Spondulicks - real money for real people!