Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

What we're dealing with here essentially is the financial statements which were audited by PwC and it wasn't until the 2008 financial statements that somebody would have seen, for example, that Bank of Ireland had lent over €35 billion to property and construction, which accounted for 26% of all loans made by the bank. Anyone relying on the financial statements prior to 2008 would not have had any sense of the level of dependence that the bank was placing on property and construction. That's what I'm putting to you.