David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I am trying to understand where the board was at that time. I fully understand that the board did not have all the information which we have today. We are getting information all the time and have received some from PIMCO, Fortress and Cerberus, giving us facts the board did not have and I do not expect the board to operate on the basis of hindsight. However, I ask the board to give us a view as to why they made decisions at the time, and there is some criticism from the Comptroller and Auditor General in that regard. We know that Mr. Corrigan was made aware of the fact that there was a success fee arrangement involving Frank Cushnahan, Tughans and Brown Rudnick in regard to PIMCO. It was extraordinary that Brown Rudnick and Tughans approached Cerberus and offered their services. The Comptroller and Auditor General is asking why the board never asked what these services were. It made no connection with the fact that they had an association with a member of the NIAC and that, potentially, the process had become contaminated. The report of the Comptroller and Auditor General states that appropriate action was not taken.