Ms Ann Nolan:

We went to NAMA and asked it to examine its liquidation panel, because it had tendered. We needed somebody sufficiently big. A number of people were ruled out due to conflicts of interest, and we were left with a choice between one or two. NAMA recommended this to us. We talked to Mr. Wallace and at the very first meeting we made it very clear that it had to be at NAMA rates, given that it was a sister organisation and this was on the back of its tender. In the initial period, very few people at KPMG knew about it. It was very secret.