Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Brown Rudnick. In case the message went out today there were only three technical breaches, the biggest breach was not telling NAMA about them in the first place.

I want to move on to the next paragraph. I am sorry about this. This will take a few minutes and it is in everybody's interest that we close off these points.

Paragraph 4.12 reads:

NAMA would tell PIMCO about the process being undertaken by the loan sale advisor, and explain to them that [there could possibly be two other people brought into the process] “the intended approach regarding the other shortlisted investors noting that this would be as much to protect their interests with regard to integrity and credibility of the disposal process”.

NAMA is saying that it has a deal, there is £1.3 billion on the table from PIMCO and there are many restrictions about cash up front, but the board decides to open up the process to provide a veneer of transparency. NAMA tells PIMCO that two other people must be brought into the process and that it would be in PIMCO's interests to have someone else in the field. That is how I read this.