Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

As I said I was concerned, as anyone would be. I am sure if the Deputy were in similar circumstances he would be concerned as well, but it was PIMCO, the proposed purchaser, that had promised to pay some money to Mr. Cushnahan and others, after their dialogue with NAMA, but it withdrew from the sales process so it was off the pitch. As a consequence, that alleviated my concern. If NAMA had continued to sell to PIMCO in those circumstances then there would be a major issue, but once it had withdrawn I was still concerned it happened but I was not actively concerned that it was going to interfere with the sales process in any way. I could see it was important as well that the sales process would not collapse. It was a very crucial time in the restoration of the health of the Irish economy and Irish finances. I took the advice of the NAMA board, which was communicated through the chairman, that there was sufficient competitive tension in the remaining bidders and they proceeded with the sale.