Mr. Alan Stewart:

Of course I would not mislead the committee. I have mentioned what was said on the call, and what I took, quite reasonably, from what was said on the call, was that the process was not with NAMA from April-May and that PIMCO must have been mistaken. This has come to light in PIMCO's letter of 8 November 2016. On the call, we asked when the issue arose. On the previous call, we had been told PIMCO wanted to contact us, out of a desire for transparency and to be as upfront and open as possible. It was entirely reasonable for us, in asking when the issue arose, to expect that PIMCO would have outlined, in detail, when the issue arose, how it became aware of it, who was involved and all those things. What we got, to my mind, was a vague answer that did not address those points. Only in the letter of 8 November 2016 do we have far greater detail on it. Maybe the people on the PIMCO end of the call were unaware of it at the time. I do not know.