Mr. Frank Daly:

My view is that we managed those very well. On PIMCO, the main issue for us - and I cannot say it often enough - was the fact that Frank Cushnahan was allegedly getting a success fee or sharing in a success fee. If one goes forward to Brown Rudnick and Tughans and their involvement with Cerberus, we did not know about it until 3 April. However, the key issue for us was - and still remains - whether anybody connected with NAMA was getting any part of that success fee? We got unequivocal statements from Cerberus that this was not the position. Cerberus were the people we were having the contractual relationship with.