David Cullinane (Waterford, Sinn Fein) | Oireachtas source

The Chairman, in that exchange with Mr. McDonagh, asked:

So Tughans or Brown Rudnick could not use the information they got when they were employed by PIMCO and give it to Cerberus because they had signed a non-disclosure agreement. Did they go to you to be released from that non-disclosure agreement and then use the information they had to supply to Cerberus?

Mr. McDonagh, who is a member of the NAMA executive and board said, "No, they never came back to us".

The Chairman followed up:

Chairman:Does Mr. McDonagh understand? Is he saying that anyone who went into that data room, even though they signed a non-disclosure agreement, could use the information they got to go off to someone else? That is what Mr. McDonagh is telling me has happened.

Mr. Brendan McDonagh: No, that is not what I am telling the Chairman. I am telling the Chairman very clearly that Brown Rudnick and Tughans did not access the data room after PIMCO left.

Chairman:What of the information before they left?

Mr. Brendan McDonagh: Whatever they were doing when they joined Cerberus, or whatever they were doing for Cerberus, they could not have used any information they got under the PIMCO process.

NAMA's understanding was that they could not use any information, which seems to be different to Cerberus's understanding.