Mr. David Duffy:

That is a fair point on which my colleagues may also comment. The issue must be viewed through the lens of risk because risk is the business we are in. While accountants have a view of that risk, they are looking at the core issue. We took the view that a fresh forensic view from the accountants was important. The other vital element was to ensure the risk governance of the bank was robust and independent. This means not getting into the problem for somebody else to be able to see it. We have, therefore, brought in a chief risk officer who does not report to me. This means that I, as the chief executive officer, cannot enforce a lending practice or deal. The chief risk officer reports to the head of risk who is a board member and the committee of risk is a sub-committee of the board. What we have is a governance model alongside a risk appetite that is defined and agreed at the board level rather than the executive level. What one can do in each bucket and the independence of the risk head are the two vital criteria for risk management. One adds to this the forensic lens of the external accountants. The combined effect of these factors will ensure the types of issues to which the Senator refers will not recur in AIB.