Mr. Frank Daly:

Tughans is the third largest commercial law firm in Northern Ireland. It was on the NAMA panel, having openly tendered for it in 2010. I cannot remember how many were involved in the panel.

It would have been quite surprising if they had not been engaged by NAMA on some cases. I was never aware of Mr. Cushnahan's close connection to Tughans until this matter emerged in March 2014 when PIMCO told us about the sharing of the fee.