Mr. Fergus Murphy:

Senator, again this would be illustrative of, yes, the environment that one was dealing with. So in summary, how, how one tried to deal with it was, first of all the tone from the top; getting everyone to understand what the new regime was about, what our risk appetite was about; ensuring that we built an independent risk function, with a reporting line directly into me and into the chair of the board audit ... board risk committee; getting the right person into that role as CRO - and we got an excellent person into that role who did great work in the subsequent years as we worked through the crisis; bringing some expertise into the organisation by bringing new people in who were experts in, for example, commercial property or in risk management; ensuring that the board's training and induction was stronger through thematic learning and education; increasing the frequency of meetings and making sure that the meetings that you were having and the forums that you were putting in place were more granular and allowed for a risk approach in terms of working through this crisis. In terms of managing risk, the biggest risks first.

And just becoming much more prioritised, and much more accurate about what the organisation was doing.