Mr. Brian Rowntree:

All I would say in response to that is I am sure that whenever this situation arose, and there were concerns acknowledged around the process, I am sure matters were referred internally to the NAMA audit committee - its own audit committee. I am sure that audit committee had the good grace and the benefit of legal opinion to support its views on it. I am sure then the movement forward by the board, in concluding the deal, was supported by some evidence base that said that this all is in order on our side of the equation.

In any transaction, like buying a house, there are two parties to the transaction - the buyer and the seller. Both have to have legal cover.