Mr. Frank Daly:

In respect of the NIAC - the committee has the minutes - I remember that it was not a very long discussion. I have actually wracked my brains and consulted some of my colleagues about who said what in terms of the external members. Certainly my recollection is that Mr. Cushnahan said little enough and that most of the contribution was made by Mr. Brian Rowntree, but I cannot recall who said what. I do recollect that Mr. Cushnahan would have said the question of value would be key for NAMA or something like that, but most of the contribution would have been made by Mr. Rowntree. Deputy Marc MacSharry used the word "discount". I want to make it clear that it was just a general remark that a discount would be sought. There was no discussion of what it might be, the range or anything like it.

Deputy Marc MacSharry's other question was related to what I think I termed a "debtor's charter". This was a document that had been mentioned during the telephone conversation with the Minister for Finance, Deputy Michael Noonan, who suggested it be sent to NAMA. It was sent to NAMA by somebody in the First Minister's office, but we ignored it. From our point of view, we thought it was laughable really because it amounted to a debtor's charter. I was never quite sure what the intention was and whether it was intended that NAMA would consider making it a condition prior to the sale of Project Eagle. I do not know. If there was anybody with that spurious hope, they would have been given short shrift. We effectively ignored it.