Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

Board minutes of the meeting on 11 March, two days previously, recorded the following sentiment:

PIMCO, ostensibly in the spirit of transparency, wish to advise NAMA about the success fee arrangement and sought NAMA's agreement that it was appropriate.

The word "ostensibly" is used in minutes of the board meeting, which it seems is questioning the motivation of PIMCO which, it should be borne in mind, as Mr. Stewart's boss told us, had approached NAMA because of concerns about the Foreign Corrupt Practices Act. However, the board minutes state:

PIMCO, ostensibly in the spirit of transparency, wish to advise NAMA about the success fee arrangement and sought NAMA's agreement that it was appropriate.

I am taking that this does not tally either with Mr. Stewart's understanding of the telephone calls.