Mr. Frank Daly:

I would be disturbed by what was said in the Dáil and subsequently about any conflation of NAMA's sale of Project Eagle with what has been put into the public domain in respect of the diversion of a substantial amount of money to an account in the Isle of Man, which a firm in Northern Ireland called Tughans has acknowledged was diverted and put into an account in the name of its former managing partner and which it has retrieved. All of that is outside NAMA. All of that related to the purchasing side of this and certainly not the selling side, so I have been disturbed by the way that has been conflated. As I said at the beginning of this meeting, wherever that £7 million came from, it did not come from NAMA and it did not come, in any way, from the proceeds of this sale that should have been due to NAMA. I am firmly of that view.

If a firm of solicitors in Northern Ireland suddenly finds that a fee - a very substantial fee in this case - has apparently been diverted to an account in the name of one individual from that firm and the fact that it managed to get it back seems to indicate that it was not right in the first place, it should be investigated by the Law Society of Northern Ireland in respect of the individual and presumably the firm of solicitors. The PSNI indicated yesterday that it will look at that.

NAMA certainly welcomes that, but NAMA is very firmly of the view that this transaction did not relate to NAMA or certainly no source of funding or anything like that related to NAMA. In fact, we knew nothing about it until it appeared in the media some time ago. By the way, we have been engaging on this. We have not been hiding any of this because BBC Northern Ireland has been asking us questions about this, sometimes not specific questions but-----