Mr. Michael Torpey:

The Royal Bank of Scotland was the single shareholder ... the sole shareholder in the Ulster Bank Group and the position of the Royal Bank of Scotland was that they operated as an integrated group, a technical expression in terms of the prudential sourcebook in the UK. The integrated group rules required that RBS Group exercise a very close degree of control. The control ... the management of control processes, policies and so forth were required under the UK prudential rules to be driven from the centre.