Sean Barrett (Independent) | Oireachtas source

In the operation of regulation ... Chairman, could we go to Vol. 1 and page 104? And that relates to 2004, Financial Regulator letter to a director of a large financial institution. And just reading from here, Chairman.

The letter refers to a meeting which took place in September 2003 and a follow up meeting in February 2004. A period of 9 months had elapsed between the two meetings, though the following serious concerns had been raised in the first letter:

[And the serious concerns were]

- the inadequacy of Internal Audit,

- a substantial increase in the commercial loan book

- lack of progress in the review of commercial loan files, [and]

- failure to segregate "front" and back office functions in Treasury.

And then, "The letter does not indicate that any regulatory action had been taken as a result of the findings." So there's nine months between the two letters, and, presumably, an interval between the first letter and the ... the expression of the serious concerns, and nothing was happening. I have to put that proposition to you, Mr. Neary.