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

With respect, auditors are legislatively protected from any threat of breaking of confidentiality when they review the books and report to the members. The State is the member of AIB and is a significant member, with public interest directors, of Bank of Ireland. This could be an adjunct to the normal audit function, which failed so miserably in the past. Every bank broke all the rules of prudential banking by having loan to deposit ratios of over 150%. That is like insurance companies having no reserves to meet claims. It is shocking and people did not pause to think about this because of the fright of the deficit on public expenditure. They did not see the whole financial system was totally clapped out.