Marc MacSharry (Fianna Fail) | Oireachtas source

Thank you very much, and thanks gentlemen for being here today. Yesterday when we had Cormac McCarthy and I asked why was there the need for 27 registered companies between Ulster Bank here in the Republic and, I think, eight more in ... that were registered in Belfast but were called things like Ulster Bank, Dublin Treasury and so on. Why is it necessary to have 27 entities? Because he, in his testimony, mentioned that there were three legal entities in the Ulster Bank Group and they each had a board of directors but yet, it seems, within that, there were 27 registered companies. Can you explain for the committee, and people watching at home, why would that be necessary?