Mr. Dermot Gleeson:

No, they were not routinely second-guessed. They were all presented and explained to the board, but, the way it worked, you see, if ... a credit like that for a developer looking for extra money would typically go, first, the lenders in Republic of Ireland division would do it, the senior lenders would look at it. Then they'd have to go to the Republic of Ireland credit committee. That's to say the credit people, who are completely independent, have nothing to do with lending and are supposed to be, if you like, scrutinising it in a sceptical way. If it got through that, and some of them didn't, it would come to the, if it was big enough, the group credit committee. Now the group credit committee had the group chief credit officer, the chief risk officer, these serious players on it, and it was then ... only then would it be promoted to the chairman's committee.