David Cullinane (Waterford, Sinn Fein) | Oireachtas source

The second point I wanted clarification on relates to when the Minister for Finance, Deputy Noonan, was before the committee. He responded to questions from Deputy Alan Kelly about the change in the sale strategy from the asset base one to the loan sale one. Deputy Alan Kelly asked:

Does the Minister accept that the Executive suddenly changed tack? From being worried about a fire sale, it was suddenly the case - perhaps across the political spectrum, but certainly on behalf of a number of politicians, including the Minister of Finance, the First Minister, etc. - that the Executive was a big advocate of the process that eventually materialised. It was a big change.

The Minister said “Yes”. He went on to qualify that by saying:

The reason for the change was obvious. The Executive was nervous of a fire sale that might damage the Northern Ireland economy when there was no obvious way of selling the whole portfolio. When a major international property company emerged and approached the Northern Ireland authorities with an interest in the whole portfolio, it seemed to change the situation.

In other words, he said that when PIMCO came on the scene that changed the Executive’s mind about the approach by NAMA? Is that the interpretation of Mr. McGuinness as well?