Mr. Frank Daly:

We do not believe we have mischaracterised it. That is dealt with in my evidence today. Can I quote something back to the Deputy? I refer to the phone call at 4 p.m. on 10 March: "T[om] R[ice] said if it was an issue for NAMA [the involvement of Cushnahan] Pimco would have concerns with continuing to deal with the 3 counterparties and would have to consider whether 'the business' could proceed without the counterparties involved". That is PIMCO raising the issue of whether there is some way they can stay in the process.