Mr. Frank Daly:

If the Deputy reads that whole forward minutes, including, in particular, the parts he has highlighted, what certainly comes across to me is obviously a very serious concern about the success fee arrangement that had been disclosed to us. Remember, further up in those minutes, it talks about PIMCO, ostensibly in the spirit of transparency, advising us about the arrangement and seeking NAMA's agreement that it was appropriate, which it would never have got. All of this leads to a decision by the board that PIMCO should be contacted and it should be told that the board regarded this as very-----