Mr. Fergus Murphy:

No, absolutely, I ... there was a head of credit and the risk officer reported into the finance director which, from a governance point of view, is not ... today would not be an acceptable scenario, okay, and that's why I changed that. So there wasn't an independent CRO, chief risk officer, but there was a credit department, there was a head of credit, there was an approval process with authorities, there was a group credit committee etc. So, in fairness, deals were going through a process. It was a flawed process but it was ... they were going through a process. I appointed an independent CRO, which means that person now is on the leadership team, or the executive committee, of the institution. They hadn't been before that. There was a head of credit reporting through the finance director. By having an independent CRO at the leadership team of the bank, who's reporting into me, but also probably more importantly, reporting into the board risk committee chair, a non-executive director. You now have risk at the centre of the organisation in terms of strategy implementation, tactics, tone from the top - you have a much more transparent organisational structure and the ability to manage things in a more effective way.

One of the findings from the crisis I think that all the reports would talk to is the fact that risk, at times, didn't have that voice, wasn't at the centre of the organisation in terms of culture and behaviours and clearly, one of the things I was looking to do was to commence that.