Mr. Ronan Murphy:

We would also be happy to explore with the committee how bank accounting and bank auditing could be enhanced so as to help avoid a similar financial crisis recurring. Before I conclude, Chairman, could I say that in relation to Bank of Ireland, that it has been and continues to be a significant client of the Irish firm of PwC. We were joint auditors to Bank of Ireland along with Deloitte of London up to 1990 and since then have been the sole auditors. We believe we had, and continue to have, a very strong working relationship with the executives, the audit committee and the court of the bank and provided appropriate challenge and support to the bank in an unprecedented period of turmoil starting in the middle of the last decade. Can I also say Chairman that, in accordance with the new rules currently being introduced on mandatory auditor rotation, we will step down as the bank's auditors no later than the required date of 2020.

In conclusion Chairman, our objective today is to assist the committee as best we can. As you'll be aware we have already provided the committee over 5,300 pages documenting our work over the period and this highlights the extensive communication we had with Bank of Ireland throughout this critical period. Thank you Chairman.