Michael D'Arcy (Fine Gael) | Oireachtas source

Chairman, if you ... I do apologise for this - I just want to go back to the previous point that I was discussing with you in relation to the loan, with your permission please. In that ... sorry, in the loan amount that was transferred. When it was said it was less than 30%, but it turned out to be 58%. In that same public accounts committee meeting, Mr. McDonagh, you said:

I, [yourself] and [my chairman,] Mr. Daly, have met with the Garda and have exchanged correspondence with the Financial Regulator's office on this matter. We made it clear that our legal advice is that the loan-to-value information was provided [at a time] before the enactment of the NAMA legislation. As the NAMA Act did not exist at that time, any examination of the information provided prior to the Act could not be carried out under the NAMA Act or be actionable by NAMA under section 7 or section 203 of the Act. [That] of course ... does not mean that it is not a matter worthy of consideration by other authorities with the relevant powers. The Financial Regulator, as far as I am aware, is responsible for the conduct of the financial institutions and is also responsible for ensuring the publicly quoted banks provide correct and timely information to the market.

Have you had any other correspondence with the Financial Regulator in relation to the 30% ... less than 30% figure that was given initially that turned out to be 58% in practice?