Mr. Frank Daly:

I am sorry. I have never suggested that PIMCO suggested to us, or would suggest to us, that we should look the other way and we certainly would never have considered looking the other way. If the Deputy goes back to the first phone call on 10 March, Tom Rice asked if NAMA was aware of Mr. Cushnahan potentially being a beneficiary. Ronnie Hanna confirmed that NAMA was not aware of this, that it would have to be considered and that NAMA would take it away and consider it. Tom Rice said he was bringing it to our attention in the interests of transparency. Then we go on to ask how PIMCO became aware of this etc. Ronnie Hanna asked if what had been outlined was an issue for NAMA and whether NAMA would proceed with its work on the proposed transaction. Tom Rice said they would certainly not proceed with their legal due diligence until the position had been clarified.