14.— (1) The Minister shall issue an instruction to the special liquidator—

(a) as to the manner, consistent with the purposes of this Act, in which bank assets which are intended to be bid upon by NAMA in accordance with a direction given under section 13(1)(a) are to be valued, and

(b) to appoint a person to carry out an independent valuation of those bank assets.

(2) The consideration specified by the Minister in a direction given under section 13(1)(a) shall be the valuation determined, using standard valuation methodologies, by the person appointed by the special liquidator pursuant to an instruction under subsection (1)(b).

(3) For the purposes of the valuation referred to in subsection (2), loan assets shall be valued using discounted cash flow analysis, taking into account the timing and reliability of cash flows, together with an appropriate discount factor to determine the value or, where appropriate, in accordance with other standard loan valuation methodologies.