Sean Barrett (Independent) | Oireachtas source

I see. Could I also say in relation to regulation, if we bring up document R3b? And this was ... it's the minutes, it's page 7, it's the minutes, Chairman, of a meeting of the group risk policy committee where they were asked by the regulator to address failures to adequately verify the income or the source of the borrower deposit. That was the regulator's concern. And the reply is on the following page 8. They say that they would only do so, the Bank of Ireland would only do so in exceptional defined circumstances. And they'd already written to the Central Bank twice in 2001 and 2002 to notify them of that. And then they go on and say, "...we were fully compliant with our stated procedures...". In other words, they didn't want to do the degree of income verification that the regulator had recommended, but they found 21 instances in which there was an insufficient or no evidence of the balance of the funding. So, as well as on the asset issue that we discussed, it seemed like you didn't want to comply with income verification either when requested by the regulator? You were more or less told, "We told you already two years ago that we don't do it." And, you know, this was a situation which led to €64 billion, you know, being required of taxpayers because banks, you know, have this reluctance, I suppose, to comply with the regulator.