Sean Barrett (Independent) | Oireachtas source

Thank you Chairman. You are very welcome, Mr. Forde. On page 4, part of the professional valuations were frequently but not always thought by AIB to evaluate property as a security. Could I refer to AIB before Vol. 1 on page 10. You were referring to part 2006 in your statement today, but the board minutes show this problem persisted two and a half years later, 2006, 2007 and half way through 2008. There was a discussion about AIB's practice of not seeking professional property valuations, and whether this will have implications in terms of financial accounts to giving a true and fair view. So, given that the commercial property went up 14 times from €8 billion to €112 billion, and the residential, as you have been saying to us, went up much less, €25 billion to €122 billion, the practice of not doing the valuations was still of concern at board level on 24 July 2008.