David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I am putting myself in the shoes of the NAMA board. I am a NAMA board member. I am made aware of a success fee arrangement that involves a member of the Northern Ireland advisory committee. I do not know when that relationship started. I would try to get that information. Mr. Stewart says NAMA tried to get the information and did not get it. At no point was that ever established, which I find incredible. NAMA then went through a very painful and exhaustive process of working out with PIMCO how to deal with this success fee arrangement. PIMCO then left. It was a shocking revelation that this success fee arrangement was in place. Deputy McDonald described it as a bombshell. Lo and behold, Brown Rudnick and Tughans transferred to Cerberus. This question is also for NAMA's legal department, so it is for Ms O'Reilly. How in God's name did NAMA not tell Cerberus that there had been a success fee arrangement between PIMCO, Brown Rudnick, Tughans and Mr. Frank Cushnahan because it was looking for a letter of assurance that there was no association with anybody in NAMA? How was that information not shared with Cerberus because it would have given it a context? Frank Cushnahan's name was never mentioned to Cerberus. It could not have categorically given NAMA that assurance because it was never asked.