Mr. Frank Daly:

I know it from the phone calls that were made around 10 to 12 March. It was not just Ronnie Hanna who was there; Alan Stewart was there. Aideen O'Reilly was in on some of them. The more relevant ones are the earlier ones with Alan Stewart because it is a logic. It is Tom Rice on 10 March. PIMCO said, "if it was an issue for NAMA, Pimco would have concerns continuing to deal with the 3 counterparties and would have to consider whether 'the business' could proceed without the counterparties involved". That was PIMCO on 10 March wondering, "Is there another way we can stay in this? Can we deal with the issue around Cushnahan, Brown Rudnick and Tughans and still stay in this process?". The head of asset recovery on 11 March was just closing off that question. It was an open question and he was closing it off. Mr. Stewart was in on those calls. If he wants to add anything, I would be quite happy-----