David Cullinane (Waterford, Sinn Fein)
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I need to clarify one point. Mr. Corrigan is factually wrong because finding No. 54 states that during NIAC meetings and annual statements of interest, one external NIAC member, Mr. Frank Cushnahan, declared his involvement as an advisor to six NAMA debtors. It goes on to state that the NAMA board should have formally considered whether Mr. Cushnahan's engagement in discussions of the strategy, including the approach of Brown Rudnick and PIMCO, was consistent with his ongoing involvement as a financial adviser to a significant proportion of NAMA's Northern Ireland debtor connections. He did have an association with debtors and declared this to NAMA. NAMA was aware of it but did not see it as an issue. Given that this made up 50% of the loan portfolio, clearly it was an issue.