Joe Costello (Dublin Central, Labour)
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He was trying to impress. The letter to Mr. Wilson is quite comprehensive and much work was done at the time. In the first three paragraphs he is very clear that he seems to understand exactly what is going on in NAMA. He indicates "We understand and respect that a transaction with Northern Irish real estate concentration would have a fundamental impact" and refers to "loans with a concentration of property located in Northern Ireland". He also points out that it is understood there are other loans relating to the United Kingdom and references a significant majority of the total value of the loan. Much background work seems to have been done but how could all of that have been done if there had been no contact with NAMA?