Anthony Lawlor (Kildare North, Fine Gael) | Oireachtas source

I thank the witnesses for attending the committee. I have a number of points. There is no trust with the auditing companies and accountancy firms. The Nyborg report clarified that the auditors had a major role to play in the banking crisis here.

When one looks at the responsibility in the food chain, IAASA is at the top and, therefore, it has responsibility for its failure. I acknowledge it came into being in 2006 but there must be an admission somewhere along the road that the authority's regulatory role makes it in some way culpable. Mr. O'Toole mentioned that the authority's current funding is €2.69 million of which €1.38 million comes from the Exchequer. Does the balance come from member companies?