Mr. Frank Daly:

What I said in my statement this morning, Deputy, was the PIMCO letter to this committee dated 8 November sets out a number of important facts, none of which was disclosed by PIMCO to NAMA in March 2014. There were four of them. I will not read them out. They are in the statement. I want to know why PIMCO did not disclose those facts because they were material to conflict of interest issues regarding somebody who was, at that time, a member of the Northern Ireland advisory committee. If we had known, we would definitely have taken very strong action. PIMCO's letter to the committee is also inaccurate, and I said it is materially inaccurate, because it states PIMCO provided details of these matters to NAMA in a series of calls in March 2014. It did not. It did not provide those details in March 2014.