Mr. Dargan Fitzgerald:

Understood. Well, I would comment as follows: I think that the comments you've made do highlight the benefits of one initiative that I feel is very important that I mentioned in my opening remarks, which is the introduction of an auditor protocol, between the then Financial Regulator, and now the Central Bank of Ireland, and external auditors. And that edict was updated in 2013, and it provides explicitly for bilateral or in some cases trilateral meetings - bilateral meaning the entity being audited ... that meaning the Financial Regulator, on the one hand, and the auditor to an institution, on the other, and those meetings specifically allow the Financial Regulator, if they so wish, to communicate a concern around an item just like the one you mentioned. It also means that the auditor can communicate to the regulator items that the auditor may feel the regulator should have knowledge of, and, frankly, it allows for an informal discussion of such matters.

And in my own experience, and I have sat in on many dozens of such meetings under this protocol, it is very helpful in a mutual understanding in the regulator's department and in the auditor as to what the significance of such matters really is.