Ms Mary Moylan:

The authority had a code of conduct which set out procedures to be followed when a board member had a material conflict of interest or a perceived conflict of interest. On 24 October, the chairman informed the meeting that Mr. McNamara was now seeking financing from Anglo Irish Bank and Bank of Ireland, and in accordance with the code of practice, he declared that he was a non-executive director of that bank. Another board member declared that he was the chairman of that bank and a further board member declared that he was a non-executive director of the Bank of Ireland.