John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

To touch on what my colleague Deputy O’Donnell was asking earlier, how do you reconcile the signing off of the 2007 accounts for Bank of Ireland in May 2008 with the fact that in January-February 2009, €3.5 billion worth of taxpayers’ money had to be invested into the bank to rescue it?

How do you reconcile the fact that the audited accounts from PwC gave Bank of Ireland a clean bill of health, that it was a true and fair view and that it was a going concern, and the going concern prospect, I suppose, is the one that I am really focusing on, and the fact that eight months later it really wasn't a going concern to the extent, at least, that €3.5 billion at the time, and subsequently somewhat more, had to be invested by the taxpayers of the country, some of whom were shareholders who lost virtually everything, into Bank of Ireland?