Mr. John Moran:

Off the top of my head, I do not recall exactly what it was. I know we spent a lot of time going through them. In fact, we have even sent a document to this committee. Some of the recommendations were no longer relevant, quite frankly, because the Wright report was about a Department with a lot of other issues, including spending. Our approach differs from the Wright report. In fact, it was more necessary due to the way we had restructured the Department shortly after my arrival in 2011. When we brought in the team from the NTMA, which was managing shareholdings in the banks, we integrated everything into one unit rather than having two separate ones. It became easier to see that, in some respects, we were also not just the Department looking after the State's finances but also the Department looking after shareholdings in six large institutions, some of which were being wound down, and NAMA on top of that. Moving towards an environment that would replicate a large holding company structure and having a legal department and a risk committee was a much more obvious step at that stage because the Department had a policy function and a shareholding function.

In discussing it with colleagues, we understood that the type of techniques used in the management of shareholdings and entities were quite applicable to a lot of the decisions we were taking and the way in which we were dealing with issues and policies.