Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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All I am trying to find out is whether a memorandum of understanding existed, as far as NAMA is concerned. Mr. Frank Daly has given his view on it but frankly, I do not know. I want to get to the bottom of it. If there was such a memorandum, it would have brought down the value and that is a concern. Mr. McGuinness said that the document went to NAMA but I do not know if that is true. Anecdotal evidence suggests that guarantees were released and all 56 connections were out the gap. I have a concern, which I why I am asking these questions.

I will now move on to the valuation issue. In terms of valuations, Mr. Mulcahy would have been responsible for property disposals and that kind of thing. Is that correct?