Mr. Frank Daly:

Again, it is speculation. To make it clear, if Mr. Cushnahan had information relating to debtors either with a connection with NAMA or with no connection with NAMA but rather with other banks, maybe Cerberus would have taken the view that it was of value to it. I must stress that none of that debtor information would have come from NAMA or Mr. Cushnahan's involvement with NAMA. If he had information relating to Northern Ireland, the business or developer community, there are all sorts of other ways in which he could have had information. My point is he did not get it from NAMA.