Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

But, Mr. McDonnell, you have said here that there was a liquidity crisis from late 2007 onwards. You had discussions with the regulator amongst the four big firms in Ireland, including PricewaterhouseCoopers, on 10 January 2008, around the whole area about how you'd value securities. That was once again around liquidity. So the question I'm asking here is, to the layman looking in, how did you not in any way criticise the accounts? You wrote to the regulator on ... document Vol. 1 PwC, Chairman, page 59 and 63 ... and you were required to report to the Financial Regulator ... and once again you drew reference to nothing to do with liquidity, not one mention of solvency-----