Mr. Gerry Fitzpatrick:

Again, to be clear about what Mr. Nyberg did, he looked at covered banks, so he wasn't looking at the auditor of Ulster Bank or the financial statements of Ulster Bank. I am not aware if he spoke to the people in Ulster Bank. Governance concerns may have applied to other organisations but I am not aware if the regulator was raising governance concerns in relation to Ulster Bank Ireland Limited. From my recollection, they were raising serious queries at times, as regulators rightly do, and I said in relation to concerns, I think I have voiced this earlier, which is if the concerns were about the business model, the concern was to make sure that the reader of the financial statements fully understood that business model, which was where the lending was being done, what the quality of that loan book was, ensuring that credit quality analysis was provided in the accounts and then most particularly, and maybe was unique, and maybe therefore not why Mr. Nyberg wasn't covering it, was the liquidity issue, which was more acute for those who are stand-alone entities, was a different environment. It still required the liquidity that a bank needs but it was different because it was done in the context of an RBS capital model, which looked at capital, which was over one hundred and something billion right round the organisation, and therefore the concerns I think ... I don't think his concerns were about Ulster Bank.