Mr. Frank Daly:

Lazard's key responsibility was to go and find bidders and then, having executed the process, to advise NAMA at the end by stating which one it did or did not recommend. That was its key responsibility. We have given the committee the details and the contract note with Lazard. That note sets out in detail what NAMA wanted Lazard to do, which included maintaining confidentiality, price maximisation, a fair and transparent process, suitability of bidders and no ongoing participation by NAMA etc. There is a whole lot of detail and the contract order for services contains the detail and sets out the scope of the work. It would be quite clear that the main deliverable from Lazard at the end of the process would be a recommendation in respect of a preferred bidder, which is what it did in terms of Cerberus. Again, I am at a disadvantage in that I do not have the transcript of everything that was said on Tuesday.