Sean Barrett (Independent) | Oireachtas source

Thank you, Chairman. The core document pages 59 and 60. No. That states on page 60, "No circumstances have come to our attention, in our capacities described in the schedule attached to this letter, that give rise to a statutory duty on us to report to you under section [s.]47 of the Central Bank Act, 1989." And that document is dated 18 June 2008. Now, under section 47 of the Central Bank Act, if I might quote it:

If the auditor of [the] holder of a licence [that's the bank]--(a)has reason to believe that there exist circumstances which are likely to affect materially the holder's ability to fulfil his obligations to persons maintaining deposits with him or meet any of his financial obligations ... or

(b) has reason to believe that there are material defects in the financial systems and controls or accounting records of the holder ...he shall report the matter to the Bank [that's the Central Bank] in writing without delay.

Was that how you found the bank on ... in June 2008, I think, as the Chairman has said earlier, within months of requiring rescue ... that there was nothing to report under section 47 of the Central Bank Act ... that you found in the audit?