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

And if I can maybe just quote some of that to you ... If I can the witness document that's up there on the screen. It's page 39 and 40 of Vol. 2, AIB Bank 1. In the document - this is a report that was carried out - it says, in the summary and conclusions of the EU report in the ... it's paragraph 3.9 of it, it says: "Prior to the current financial crisis, AIB was a profitable bank with good growth prospects and the characteristics of a fundamentally sound bank". This report you would have had sight of this I assume yourself. It says:

A key element of AIB's pre-crisis market positioning was its involvement in the Irish property sector which was the fastest growing segment of the Irish economy and this strategy was regarded as reasonable at the time. AIB's enterprise bank, risk management and governance systems did not act as a sufficient constraint on this growing level of exposure to the Irish property sector. This shortcoming resulted from weaknesses in the assessment of portfolio risk under stressed conditions, the inconsistent implementation of risk limits and poor credit management processes within the Republic of Ireland division. AIB acknowledges that its decision to expand into property was misguided and that its risk management and internal governance systems were not as effective as they should have been in controlling this risk.

This is in internal documentation produced by AIB. Would you care to comment upon those value judgments that were made with regard to AIB's business model and model of governance?