David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I will move onto another topic. With respect, Mr. Daly is counting on the clock now and what I will leave there is the letter we got from PIMCO and the evidence from Cerberus. Obviously, we will have to make up our own minds on all of that.

I want to draw Mr. Daly's attention to another paragraph of the same minutes. These are signed minutes, so there was never adaption of them. These are signed minutes in a record of what I would see as fact. Mr. Daly will see the very last paragraph which states:

The Board noted further that the situation was evolving and would need to be carefully managed. Following further discussion the Board noted that, subject to Lazard's advice, it was minded to be as upfront as was possible with other bidders in relation to PIMCO's withdrawal.

Mr. Daly's opening statement reads: "I accept that it would have been better if Lazard had been aware of the real reason for PIMCO's exit". NAMA did not make Lazard aware of it. I find that absolutely extraordinary. I asked Mr. Daly earlier whether Lazard had a responsibility or a role in relation to integrity in the process. He said "yes". He was made aware of a success fee that involved one of his NIAC members, he was made aware that he was associated with Brown Rudnick and Tughans and he did not feel that it was relevant to give that information to Lazard, despite the fact that NAMA's own board minutes note that is what he said he would do.