Mr. Michael Torpey:

When RBS acquired First Active and set about integrating them, the position RBS adopted was that treasury services would be supplied in full ... through the RBS Group. In practice, what that meant was deposit-taking was the business, the normal banking business of Ulster Bank in Ireland, there was limited money markets activity in terms of local type activity, and any other treasury activity, and any surplus funding or funding shortage would be addressed by RBS Group treasury, so the control of that was exercised entirely ... as time went on, Deputy, and as the markets evolved, RBS elected to permit Ulster Bank to raise specific fundings ... on Ulster Bank's account and that's to do with relatively complex intra-group lending limits applied by the UK regulator. So you will see specific instances through the documents where Ulster Bank did go into the markets under the direction and guidance of RBS Group treasury. The method by which that direction and guidance was applied was that the assets liabilities committee in Ulster Bank had the attendance as a member by personnel from RBS Group treasury and such decisions to go into the market, even on specific transactions such as the issuance of a floating rate note, such decisions had to be signed off or approved at the RBS Group assets and liabilities committee before they could proceed.