Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Regarding PIMCO’s subsequent withdrawal from the sales process, I am advised that on 10 March 2014 PIMCO informed NAMA that its compliance staff had discovered that PIMCO’s proposed fee arrangement with Brown Rudnick included a proposed payment of fees to Tughans and to a former external member of NAMA’s Northern Ireland advisory committee who resigned in early November 2013. I was informed by the chairman of NAMA shortly afterwards - the following day or maybe two days later, but around that time. There was no delay.

Then PIMCO had discussions with NAMA. NAMA told PIMCO that if it did not withdraw, it would not proceed to deal with it, so PIMCO withdrew. That is the position.

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