Mr. Seamus McCarthy:

When a potential purchaser is going to take on an exercise, it is probably possible if the purchaser is geared up to examine a data room. If a purchaser has enough people, it can probably work through what is in the data room and get up to speed with others. A number of the potential purchasers said that they did not believe that they would have had enough time. However, it is not just about turning up in the data room and processing the information. A purchaser needs to have teams in place that are ready to start when the data room opens. I have drawn attention in the report to some of the bidders that withdrew saying that they did not have enough information and, therefore, were not getting involved in the process. They did not believe that they had enough time. Some asked for more, which would have allowed them to mobilise teams. The particular restriction that was placed on those coming late to the process was that they were not allowed to get Northern Ireland valuation advice when putting their bids together.

As the PIMCO-Brown Rudnick approach came from a long way back even before they approached NAMA, it is possible that they could have had some advice of that nature. There was no step taken by NAMA that we could see to close off that potential advantage. It is difficult to know. There is a possibility that an advantage existed.