Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

I am addressing the Chairman. Minutes are much more than that; they are afforded a position in the Companies Acts because they are important. They are a legal requirement to be met by companies and entities. Minutes are not mentioned, albeit only a handful of times, in the NAMA Act. They are not just somebody's impression; they are evidence of what occurred. I ask Mr. Stewart to look at the minutes and therein the point of contention, the mention of the April 2013 date. According to the minutes, the board noted that PIMCO had advised that the negotiations had commenced. It is clear from the previous paragraph that the negotiations referenced were in relation to the fee. It is noted that the negotiations commenced in 2013. It is further noted that Mr. Frank Cushnahan had not resigned as a member of the Northern Ireland advisory committee until 7 November. Given what transpired in the passage we have gone through, the correspondence we have from PIMCO and, above all, what was signed off on by, if I am not mistaken, Mr. Daly, this confirms to me that NAMA was aware of this. It was brought to the board's attention that the arrangement between PIMCO and Tughans and Mr. Frank Cushnahan had dated back to April 2013.