Mr. Derek Moran:

The critical point here is the meeting on 25 July 2011 when the Minister met the chairman and the chief executive officer, CEO. These concerns, all originating from a concern that the company rather than the bank was leading the transaction, were put to the chairman and he gave a reassurance that this had been executed correctly and appropriately. The IBRC board has fiduciary and legal responsibilities and the chairman could not have given that assurance without serious consideration and, at the end of the day, the Minister, and ultimately the officials, accepted the assurances.