John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I do not know, Deputy Deasy, but I believe that NAMA should be concerned about clearing its name and about the discussions at this committee this morning. If there was wrongdoing, it should be identified, uncovered and explained. When one has the Isle of Man and the numbers of companies involved, and when it is explained as it was explained to this committee, the story worsens. The plot thickens and we have not come to the end of it. PIMCO disclosed the £15 million to NAMA and one has to ask how a firm the size of PIMCO cannot miss the £7 million. It is not answered and it cannot be answered here. We owe it to the political system and the administration to get to the end of this. It is disturbing for the memorandum of understanding to appear and for it not to have official backing in terms of its origins. It is disturbing also that it was suggested that there would be a nil balance for the 55 debtors. Who did this benefit and what was it about? Where is the £7 million and where is it going to go now? These are the questions that must be answered.

I know the Comptroller and Auditor General will do an investigation into this and it might shine more light on the processes and procedures within NAMA itself. It may benefit NAMA and our understanding of what went on. This is an unfinished piece of work that can only be concluded by some agency straddling both jurisdictions to bring it to a head. I understand the difficulties for NAMA personnel appearing before the committee in Northern Ireland, and the witnesses present said that they would not appear. The PSNI might expedite a thorough investigation which, depending on the outcome, could be dealt with more appropriately at a committee and the information could be put out there. It is striking, Mr. Reid, that the committee got the release of these letters and the memorandum of understanding this morning. Alarm bells should have been ringing loud and clear a long time ago once you had sight of the letters and the correspondence. That is my view.

We will conclude our business for today but it is very much an unfinished piece of work. I thank the witnesses who I understand are attending elsewhere. I appreciate their attendance here.