Mr. Seamus McCarthy:

The circumstances relating to what happened and the withdrawal of PIMCO were known last July. The issue would be if there was a possible influence by somebody in NAMA or on a NAMA committee on the sale price. Mr. Cushnahan is alleged to have been involved in a success fee arrangement with PIMCO and with others with PIMCO and this was discovered in March 2014. Subsequently, when PIMCO withdrew, and there was a question mark around the process whereby PIMCO withdrew, two of the parties to that success fee arrangement became advisers to Cerberus, which were the eventual buyers of the loans. I wanted to look at the decision-making around that information having to come to NAMA and whether the appropriate actions had been taken in light of obligations on NAMA and on the individuals under the Ethics in Public Office Act and NAMA's own code of conduct and its own Act.

I have laid out the detail in it. My concern was that NAMA took quite a narrow view of what they were obliged to do by law and not necessarily probing deeper into the issue and taking more positive action. For example, there was no follow up with Mr. Cushnahan.