Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

On that exact issue, I would interpret the situation slightly differently. Ms Nolan said the issues that arose were not regulatory issues, but the memo on the screen says the performance of management in executing these transactions raised the question of the effectiveness of the chief executive officer, CEO. A fundamental part of regulation by the Central Bank is to have confidence in the CEO and senior management. I do not know who wrote that memo, but if an official in the Department is able to write that memo about the effectiveness and the competence of the CEO - I am not saying I share those views - that is written down in front of me, that is an issue that should be brought to the regulator’s attention, because the regulator has to approve senior positions, and if the regulator is aware of issues around the competence or effectiveness of the CEO, that is a regulatory issue. Were these concerns passed on by the Department to the Central Bank, in view of the concerns the Department had about the management, which is a regulatory issue? We could all say most of what happened was because of the performance of people in key positions. That is a regulatory issue. What did the Department do on that? Ms Nolan said the Department meets the Central Bank every month.