John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I will refer back to the auditors then because I have asked all of the people who have been before us thus far about the role of auditors. Professor Honohan mentioned earlier in his opening remarks that not enough was done to ensure the collateral was there in the audited institutions. Did the banks' auditors review the lending processes, particularly in relation to ensuring that the collateral was there? He made a fleeting reference to it himself - which might have been slightly off-script - during his initial presentation or maybe it was in answer to the first question from Deputy O'Donnell.