David Cullinane (Waterford, Sinn Fein) | Oireachtas source

That does not alter the reality of the discussion and the fact that the reading of this does not corroborate what Mr. Daly said earlier. PIMCO withdrew from the process and there was what was described earlier as a "graceful transition" of two of the actors in respect of success fees, who moved lock, stock and barrel over to Cerberus. Again, NAMA took no action. While PIMCO had the sense to get out of Dodge City when they saw there was a problem, Mr. Daly and his organisation continued with the process, even though they were aware of what was happening and aware of the arrangement between PIMCO and the three actors involved in the success fees. The charge from the Comptroller and Auditor General is that NAMA did not carry out due diligence but relied on letters of comfort from Cerberus around whether or not anybody associated with NAMA would benefit and did not drill down into the matter, which is what I am trying to do here. I am trying to be fair to Mr. Daly and to understand his thinking but he did not ask Mr. Cushnahan about when there would be fixers or success fees or how he would be paid.