Seán Fleming (Laois, Fianna Fail) | Oireachtas source

We will come to the letter of undertaking in a moment. In other words, the witness is telling me that PIMCO came to NAMA and said that it had a success fee arrangement through Brown Rudnick of £15 million to be split three ways. However, because it pulled out and there was no success from PIMCO's point of view, NAMA confirmed that payment was not made. NAMA was aware that £15 million had, as it absolutely insists, nothing to do with the seller side. However, as the witnesses have said several times, the purchaser is the flipside of the same transaction. Those are the witnesses' words. Therefore, if £15 million was available in this transaction, NAMA cannot say it was of no relevance to it because the witnesses have been telling me all day that the purchaser is the flipside of the seller for the same transaction. Moving on to Cerberus, therefore, did NAMA inquire of it how much the success fee was that Cerberus was going to pay? No?