Ms Fidelma Clarke:

Well, I suppose, as I've said, I was part of a risk function. I wasn't part of the executive and I wasn't involved in the loan approval process but, clearly, what happened was that the society made a decision to step up its lending to land and development sector. To support the approval of larger loans, it had established a board credit approval committee in 2003 and I think, probably not unlike any other institution, it had a process in place whereby loans were approved within a certain period of time, generally 24 hours. It was one of the issues that the chairman of the board risk committee raised with me when I became chief risk officer, that he had felt that non-executive directors shouldn't actually be involved in credit decisions. And we made the decision, reasonably quickly, to close the board credit approval committee.