Dr. Michael Somers:

There was no risk committee when I joined AIB. It was a pretty chaotic organisation. There was no chief risk officer, which was quite extraordinary. I set up a risk committee from scratch, which is essential in a bank. We had great difficulty in getting a chief risk officer. The first two people who took up the post lasted about six months each. We then had to get another risk officer and staff the organisation up. Quite a number of people who had appeared on the risk committee when I first joined it disappeared, resigned, retired or whatever. We now have a fully functioning risk committee that looks at every risk the bank runs.

Regarding providing funds for industry, many people telephone me when they have financial difficulties. I do try to help them but I cannot interfere in credit decisions in the bank as that is not my role. When someone who has been turned down credit contacts me, I first ask them if it is AIB. If it is, then I ask them how they applied-----