Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Deputy, you're completely and totally out of time, and I need to come back to a question now that we need to ask, which is related to this. And that is the appropriateness or the credit policies operating ... because the grow-fast model ... or whether a sustainable model is in place, a bank will always want to be profitable and the ... as does any other business ... and to do that it has to grow its business, and in banking terms that means issuing loans. Mr. Sheehy, if I could put the issue of AIB Group's large exposure policies, this is the GLP as it's referred to, and the limits as to whether there were hard limits or soft limits ... and how exceptions would be granted. And, it could be suggested that exceptions were sanctioned regularly by sub-board committees. Could you explain to the committee what processes and actions were taken to monitor - and I'm referring to core document AIB 2, pages 25 and 35 to 37 - so if you could explain to the committee what processes and actions were taken to monitor and remediate the regular approval of exceptions to the group large exposure policy limits? This would be, kind of, "There is exceptional circumstances here, loan shouldn't be granted, but let's look at it again and maybe grant it"?