Mr. Frank Daly:

I am, yes.

I refer the Deputy to the board minutes of 11 March when it was discussed whether PIMCO's bid at this stage was fatally flawed, given the potential perception that it might have benefited from information as a result of Frank Cushnahan's involvement. The board agreed that the success fee arrangement in respect of Frank Cushnahan represented a significant issue for it and we asked that PIMCO be advised of this. There was a series of telephone conversations on 11, 12 and 13 March, as a consequence of which PIMCO withdrew. Let us not be in any doubt about it - it withdrew because it knew we would not let it continue. In fact, in one of the telephone calls on 10 March it was asked by PIMCO whether, if the fee arrangement could be moved out of the picture, it could continue. What members are reading in a subsequent question from NAMA, as to whether there was any way in which it could be restructured, is a follow-up to the question from PIMCO which was very anxious to stay in the process.