Peter Mathews (Dublin South, Fine Gael) | Oireachtas source

The witnesses are welcome. I thank Mr. Spring and Dr. Somers for their presentations. Yesterday, we had a feeling of unreality. It was a bit like “The Truman Show”. This morning we had fog. The fog is lifting. I thank the witnesses for the refreshing tone of their opening statements and the free-flowing conversation they have had with the Chairman during the opening remarks.

In the three years the witnesses have been in situ, the bank has come from a situation where the PwC listed NAMA loans of €24 billion, which would be the first indication of capital requirement, and it was indicated that the discounts would be heavy. That was the first body blow and winding of the bank for losses. Subsequently, there was the PCAR of March 2010 where the figures that stick in my head were that AIB needed €7.8 billion before the year end. That was hopelessly wrong. It was 100% wrong. Another PCAR in March 2011 was again wrong. To date, the amount injected has been approximately €20 billion. Could the witnesses please outline their experience as they observed what was happening and Boston Consulting tinkered around with governance, probity and capital requirement issues?

The assets will determine the remainder assets, having got rid of-----