Mr. Seamus McCarthy:

I do not want to comment on evidence given by other witnesses. I can tell the Deputy that this is what we understand NAMA’s engagement with PIMCO to have been. I certainly expect that PIMCO would have wanted to stay in the process but, again, I am speculating. It does not come across as PIMCO approaching NAMA with an excuse to pull out of the exercise. We could take it from a business perspective that it would have liked to have stayed in but its legal advice, when its compliance people looked at the matter, was that it had to pull out.