David Cullinane (Waterford, Sinn Fein) | Oireachtas source

We will get to that in a moment. That is Mr. Daly's contention. Page 116 of the Comptroller and Auditor General's report features minutes of a meeting of the NAMA board. Mr. Daly stated in response to Teachta McDonald and others that the board minutes reflect his view and not the view that is reflected in Appendix E, which we will discuss in a few minutes. According to Mr. Daly, the board minutes reflect his view that the board was the instigator of PIMCO's withdrawal or exit from the process. Let us read the minutes of the meeting and put that contention to the test.

The minutes, as cited on page 116 of the report, state: "However, the Board acknowledged that Frank Cushnahan would be knowledgeable about NAMA's strategy with respect to NI and noted that the involvement of Frank Cushnahan with PIMCO raised a significant reputational risk to NAMA". I am assuming the board would have known previously about the six or seven debtors and Mr. Cushnahan's association with them.