Mr. Frank Daly:

That was under a discussion item on Northern Irish strategic opportunities, which was a discussion item at most meetings and related to the advisory role of that committee. I briefed the meeting on the fact that an unsolicited approach - not a bid - and expression of interest had been made by Pimco in the Northern Ireland portfolio. That is an issue that should be considered in any discussion on strategy for Northern Ireland.

Also by the way, I would remind this committee that when I was here in July I specifically said on the record that I had briefed the Northern Ireland committee on this, so there is nothing new emerging. I acknowledged here in July last that I had briefed the Northern Ireland committee on 7 October about the expression of interest by PIMCO. That was coming at a time after a chain of events, which started with a letter from the then finance Minister in Northern Ireland to the Minister, Deputy Noonan, and the response from the Minister, Deputy Noonan, indicating that this was a matter for NAMA, and that is where-----