Ms Aideen O'Reilly:

I would not call them alarm bells. What occurred was as follows. A discussion, or probably several discussions, took place about this new development. As I said, the crux of the matter for NAMA was the issue of Frank Cushnahan, the former committee member. That is why I was instructed by the board to draft and seek a declaration from Cerberus that no current or former NAMA board member, committee member or executive was in receipt of any fee or remuneration of any description from Cerberus.