Shane Ross (Dublin South, Independent) | Oireachtas source

I am thinking specifically, I suppose, of executives in banks who have been much identified with failures in those banks and who are popping up as non-executives on the boards of public banks. Mr. Elderfield might flag that for his successor.

I have one question for Mr. Elderfield about Custom House Capital. Like many members of the committee, I have received many representations about Custom House Capital, which had 1,500 staff. It was identified as being in trouble by the Central Bank in 2007 - I think my dates are correct, although I am open to correction - with a €4 million deficit, but it was slow to be identified as being in really big trouble and running a Ponzi scheme. Eventually, it was discovered what was going on, not by the Central Bank but by a company called Appian Asset Management, which took it over. Was that a major lapse on the part of the Financial Regulator?