Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

As it happens, in this scenario we are the people asking the questions. Anyway, the reference Ms O'Reilly refers to is record 3, where Ronnie Hanna asks when PIMCO became aware of the issue to which Mr. Rice replies that the Project Eagle process had been with NAMA for several months and he references April-May 2013. It is not very elegantly recorded but that is the date, the reference point, and we have had a long discussion on that.

I want to move on to the conversation Ms O'Reilly was involved in. If she goes down to the point where Mr. Rice states: "... they had not notified the decision to their advisors that brought the deal and were still working that through." This is the part I want to examine with Ms O'Reilly, in her capacity as the senior legal officer in NAMA. She states: "... for our part, there were no reporting obligations for NAMA in regard to its advisors and no need to take positive action." I want Ms O'Reilly to explain what she was saying in that conversation.