David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I have followed the logic through, and Mr. McDonagh has to bear with me. We have followed the logic through, where that is correct. We then moved into the part where the minutes talk about the need for full transparency. That is what PIMCO said. It disclosed the success fee arrangement and it was very clear it was a three way split between Brown Rudnick solicitors, Tughans and Frank Cushnahan. Then the minutes talk about the negotiations, which was referenced earlier, and the board noted that PIMCO had advised that the negotiations had commenced in April 2013. The minutes did not stop there and went on to read: "and noted further that Frank Cushnahan had not resigned as a member of the Northern Ireland Advisory Committee until 7th November 2013 nor had he made any disclosure of his involvement." Again, it is very logical that this was in reference to the breakdown of the success fee between Brown Rudnick, Frank Cushnahan and Tughans, otherwise NAMA would not have mentioned Frank Cushnahan.