Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I have a final point for the information of the committee. It is not to do with this. It relates to the PIMCO letter we received and read into the record last week. The phone call referred to in the minutes deals with the arrangement of the fee. The minutes recorded categorically based on the phone call talk about the fee-sharing arrangement that had been put in place by PIMCO. That is based on the phone calls with PIMCO. However, PIMCO's letter to us last week stated:

It should be noted that the reference to "a success fee arrangement (being) in place between PIMCO and Brown Rudnick" noted in the report [the Comptroller and Auditor General's report] is inaccurate. Whilst an arrangement was proposed by Brown Rudnick, it was never agreed to by PIMCO.

Before us, up to this letter, we have the record of the minutes that state there was a fee in place, we have the board minutes that state the fee was in place. The Comptroller and Auditor General's report states that a fee was in place. PIMCO's letter to us last week stated that there was never a fee in place; it was requested. All I am saying is that the jury is out regarding those contradictory views. In the interest of fairness, I want nobody to say just because NAMA said it, it is true and PIMCO is wrong. Equally, I want nobody to say just because PIMCO wrote it in a letter, it is correct and NAMA is wrong. I have to be fair. I do not want people reaching conclusions just because we read out a letter. There is a direct conflict there and we have to get behind that.