Mr. Seamus McCarthy:

In its final opinion and advice on the sale process, Lazard specifically drew attention to the fact that its assessment of the sale process was based on the information available to it at that time. It raised the question of the quantum of information specifically where there was a piece of information that was not given to Lazard. This has been confirmed both by Lazard and NAMA. It was not told about the success fee arrangement. It was not, as I understand it, discussed with Lazard, so it could not have known at the time that it made that return.