Mary Lou McDonald (Dublin Central, Sinn Fein)
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I thank the witness for the clarification. In response to a question from the board, it was noted that - notwithstanding the premeditated fee-sharing arrangement that had been put in place by PIMCO - the catalyst for disclosure of the arrangement to NAMA was allegedly the insistence of PIMCO's legal and compliance department. I assume from the minute that it was Mr. Hanna presenting the information and Mr. Hanna fielding questions from the board. The astonishing thing is that at the tail end of these phone calls, the approach having been made by NAMA, it was making it absolutely clear it was prepared to walk and it was deeply concerned. It was not seeking acquiescence, as we have established. At this point, Mr. Hanna reports to the board and it is faithfully recorded, allegedly at the insistence of PIMCO's legal and compliance department. I raise the issue of the tone of the minutes not to get into literary analysis but because it says something very worrying to me about the dynamic of what was ongoing in that board meeting.