John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Mr. Goggin was asked in his testimony was there a contrarian view within the bank and he ... with regard to the policies that were going on, lending policies and he said that there wasn't. I want to refer to the first paragraph on page 4 of B2, it's a document that was produced by a man named Ronan M. Murphy, and at the bottom of the first paragraph there's a quote saying, "Going forward, the risk for the Bank is that we may be building up a higher risk portfolio the full extent of which will not emerge for 3-5 years as these loans mature." Now that's the end of 2004 that document was produced, a very prophetic document as things turned out. Do you agree I suppose with the analysis that he produced? Did you express any opinions on it at the time in your capacity as a member of the credit committee of the bank? Was there any actions taken following that fairly stark warning from Mr. Murphy in December 2004?