Ms Helen Hall:

I will add to what Mr. O'Toole has said. Deputy Tóibín's question is an interesting one. When a crisis happens we have to do two things: we look back and potentially take action and then look forward at what needs to change. I will give the committee a snapshot of what is still ongoing. I have to be careful about certain ongoing cases, but I am looking at the actions under our remit. A few days after it happened in late 2008, a certain number of individuals who were members of the Institute of Chartered Accountants - I am not saying anything that is not in the public domain - were involved in the Anglo affair, to take that as an example. In our supervisory role we were in contact with the Institute of Chartered Accountants and strongly encouraged it to appoint a special investigator. To be fair, an independent special investigator was appointed by early February 2009. That investigator was a previous Comptroller and Auditor General. It was a facility under the by-laws that IAASA, the Irish Auditing and Accounting Supervisory Authority, approved to ensure that for a public interest case like this it is not just done internally, but that there is an external special investigator.

The investigation phase happened and prima facie cases were found against a number of individuals and the auditor involved there. However, because there are ongoing criminal investigations, the DPP requested that those cases be pended. We would all agree that a criminal case must take precedence over a professional body's regulation. Action was taken, however, on whether there was any wrongdoing.

One may say that it is not just that. We had seven covered institutions where issues arose. Questions arose in the public mind and in our own minds as to what should and could have been done. I do not know the answers to those questions yet. We looked at our remit, however, and at what we should be doing as a supervisory authority. We engaged with the Institute of Chartered Accountants which has commissioned a banking review to examine key aspects of the audits of all seven covered institutions. That quality assurance review is still ongoing.

The looking forward aspect, which is equally important, is what is before us today. First, we must judge whether everyone did what they were supposed to do. If not, sanctions should go into place. Equally, however, we must ask whether what they were asked to do was wide enough and appropriate. That is what is before the committee today for its consideration.