Rooney's financial statements year-end is 30 September 2018. Financial statements are authorised for issue on 1 December 2018.

During preparation of Rooney's draft financial statements (for the year ended 30 September 2018) in October 2018, the following matters came to light:

At 30 September 2018 the companys head office premises were included in the draft financial statements at a value of 14 million EUR. A building surveyors report (prepared in November 2018) showed that they had fallen in value by 2 million EUR. This was due partly to the discovery of ground subsidence for which the company had a provision in financial statement and partly to a general fall of 10% in property prices caused by a sharp unexpected rise in interest rates announced in October 2018.

All the figures are considered to be material.

What is the new carrying value of the building that should be restated in financial statements?