Mr. Sean Mulryan:

The Ballymore board identified the need for an operating person with a banking treasury and law background. Mr. Brophy joined the company as chief operating officer in August 2006. Mr. Brophy was recommended by Dr. Michael Smurfit from his experience as head of treasury at the Jefferson Smurfit Group. Mr. Brophy also sat on the board at the time he joined Ballymore, including a period on the board of Nationwide Building Society, which he joined in February 2006. This appointment required the approval of the Central Bank of Ireland. At no stage during the period, Mr. Brophy sat on the board of Ballymore and INBS, did any matter arising where he was in a position of conflict of interests. No lending from INBS occurred after the date of his joining the board of Ballymore and if discussions arose, Mr. Brophy always excused himself from any discussion.