David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I want to come back to the minutes of 13 March 2014. With respect to Mr. McDonagh, Mr. Daly, Mr. Stewart and Ms O'Reilly, I am struggling to understand the logic of NAMA on this and I hope they will assure and persuade me on this issue. I will talk them through this line-by-line because the important part of minutes is that they record what happens at a meeting. They give a sequence of events, the context to the issue and a record of decisions taken and issues noted. The first line reads: "Following the recent disclosure by PIMCO Legal and Compliance units of the existence of a success fee sharing arrangement in relation to Project Eagle negotiated by PIMCO's commercial team." The minutes talk first about the success fee arrangement. Does Mr. McDonagh accept that the context is the success fee arrangement?