David Cullinane (Waterford, Sinn Fein) | Oireachtas source

The final paragraph of the minutes states: "Following consideration, the Board agreed that the success fee arrangement in respect of Frank Cushnahan as advised by PIMCO on the conference call of 10th March 2014 represented a significant issue for the Board". The reference is to this being a "significant issue" for the board and to concerns being raised. Mr. Daly cannot, with any credibility, point to anywhere in the minutes as meaning that his view, namely, that the board essentially took a decision to force PIMCO out, holds any water. That is how I see it. Maybe Mr. Daly will respond before we move on to Appendix E.