Mr. Frank Daly:

I have read Mr. Bryson's evidence to the committee, and sometimes I read his blog. Evidence in much of what he says is missing. When somebody like that throws out an allegation or suggestion that Fortress might have been a stalking horse in this, with absolutely no evidence, it is extraordinary that people just swallow it. I have no evidence that Fortress was a stalking horse. I believe there was competitive tension here. It is not just I and the board of NAMA who believe it but Lazard, our corporate finance adviser on this and which is a very well respected London merchant bank, also believed it and made a recommendation on the basis that there was, right to the end, competitive tension in this bid.

I do not accept the Deputy's labelling of this process as corrupt. I accept that the reason PIMCO was encouraged to exit by NAMA was because of the Frank Cushnahan involvement, about which PIMCO informed us. I give it credit for doing that as well. However, once it was out, I do not believe one can in any way label this bid process as corrupt or anything like it.