Sean Barrett (Independent) | Oireachtas source

Because the queries raised in their documentation to you from the banking supervision department, March 2008, included their concerns for security of loans, reluctance of large developers to provide an independently-certified net worth statement, group exposures, that UBIL understanding of the wider group is extremely disappointing, wider group liquidity, the bank not at a position to have full understanding of liquidity, the lack of robust credit review and a 15-month gap between inspections, which the regulator wanted to have at least annually, the absence of valuations, no forward-looking cash flow statement, no development cash flow statements, no information for the purpose of potential equity release and the extent which UBIL expected its relationship managers to be aware of the purpose of funds being sought from the bank. That was the banking supervisions department. I mean, it's quite a list. I don't know if it explains how long it took to reply but it would certainly give rise to concerns about the way in which the bank was operating, and in retrospect it's not surprising that financial problems were just around the corner.