Mr. Joe O'Toole:

It will arise when it gets to the point of asking whether auditors have done the job they were asked to do. The jury is spectacularly out on that question at the moment. We would have difficulty in answering that question although we might have views on it. In terms of what could be done, the laws must be passed. The expectation gap will be filled in, as Mr. Houlihan has just said, by the building blocks of changes made politically.

They will then be implemented on the ground. If the audit is not carried out along the lines required by agreed international regulations and legislation, then they are at fault. The question was whether somebody did not do their audit properly last time around, but we do not yet know the answer to that.