Catherine Murphy (Kildare North, Social Democrats)
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Lazard took a risk but there was a bigger reward in terms of the way the process was set up. Lazard knew when it took on the process that PIMCO had already been in the process and there was a bid on the table that NAMA did not want to lose. The approach adopted was so long as PIMCO stayed at the table, the risk was very limited.

What was the tone like when PIMCO withdrew? Did NAMA panic? Did Lazard have a discussion with NAMA? Lazard would have been left in much riskier territory and that must have had an impact.