Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Will the witnesses send us that document? We do not mind that it was not recorded at the board meeting, but presumably some paper had to come to the board that allowed it to discuss the matter. We look forward to receiving the document. My concern is that the process changed from month to month in terms of who was involved, who pulled out, three others being invited, two not showing and three more being invited. That sounds like it was anad hocprocess rather than a bespoke one from the beginning. We have not seen anything to convince us otherwise. We look forward to receiving evidence of the bespoke process.

Mr. Ellingham is chairman of the risk committee. Regarding its role, page 58 of NAMA's 2014 annual financial statement reads, "Overseeing the implementation and review of an Enterprise Risk Management framework and satisfying itself that appropriate actions are taken in the event that any significant concerns are identified". The PIMCO situation had to be a significant concern. Was a significant concern identified to Mr. Ellingham as chairman of the risk committee? We all accept that it was significant. We will not get into the legalities, but it was certainly a significant concern for the board. How did the risk committee deal with it when the details of what was happening were brought to the risk committee?