Michael Noonan (Limerick City, Fine Gael)
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It was very disturbing and very unusual that PIMCO's compliance department had discovered this in the United States and it advised PIMCO of the risk it was undertaking if it proceeded. PIMCO informed NAMA and in the ensuing conversation, PIMCO decided to withdraw. Then NAMA decided there was "sufficient competitive tension", to quote the phrase used, and it was advised by Lazard that there was sufficient competitive tension, to continue with the remaining interested parties to achieve best value on a competitive sale. That was the position.