Ms Ann Nolan:

I do not believe I gave contradictory replies, subject to tiredness and the lateness of the evening. I will clarify what I said to make sure my point is clear. If I did give contradictory replies, I certainly did not mean to do so.

In March 2014 we were aware of a plan by PIMCO to pay a fee to Mr. Cushnahan, but at the time there was no evidence of any fee being paid. PIMCO withdrew from the process and Mr. Cushnahan had already left it. We asked NAMA whether it intended to continue with the process, or the sale to some party. It assured us it would speak to its sales adviser, Lazard, to see whether there was sufficient competitive tension left in the process for it to get a good price for the two parties that were still in it. It stated that if it received reassurance from the adviser, it would go ahead. Later I heard that it had gone ahead. It also told us that, to ensure there were no improper payments in the actual process, as distinct from the proposal from PIMCO, it would receive written confirmation from the purchaser - Cerberus, as it turned out - that no payments were being made to anyone connected with NAMA.