Mr. Seamus McCarthy:

I will give the committee an example of the type of action those in NAMA could have taken. They could have written to Mr. Cushnahan to ask him about his involvement in respect of the PIMCO bid. They did not do it. They could have told the loan sale adviser that there was an issue around a success fee arrangement. They actually considered whether they should do that, but they decided not to do it. There are actions that they could have taken to find out more about what had happened and the circumstances around Mr. Cushnahan's alleged involvement, and they did not do those things. They were not legally obliged to do them, so there is no question that they should have done them or that they failed in some way, in my mind, but there are things that they could have done.