Mr. Tom Boland:

I recall when we discussed the situation in Waterford. Undoubtedly, we had a robust discussion.

I made the point then and I make it again now, and I think it is reasonable point to make, that the HEA does not have an audit function. The way we conduct our role of governance and accountability is by putting in place and requiring the institutions to put in place appropriate governance procedures that meet best practice. We must then reasonably rely upon the systems in the institutions to deliver on those procedures. The weakness in the system, which is now clear, although it is not a general weakness but nevertheless, now that it has been revealed, it will have to apply generally, is that we have an over-reliance on the internal governance structures to deliver what they are supposed to do.