Ms Fidelma Clarke:

Yes. Unfortunately, I can't give you any witness information in relation to that. It dates to a time long before my appointment to either the executive team or the review. I have seen this document in the booklet of documents. I think, though, going back to where commercial property lending started in EBS, based on what I have seen in the society's records, it commenced in the early 1990s as a result of a change in building societies legislation. And, at that time, EBS had a four or five ex-ICC members as senior executives, including the chief executive, who would have taken a decision to enter slowly into the commercial property sector and to limit the amount of lending to the commercial property sector to, I believe, 15% of the overall balance sheet. I don't believe that percentage was ever exceeded. And based on what I have seen, the intent was to create some form of diversification of risk because as a primary building society in Ireland, you had a very high level of concentration risk. All of your assets were relating to residential property in one jurisdiction, which is one of the reasons that EBS, from ... actually from the 1970s, had put mortgage indemnity insurance in place. And in the early 2000s when other institutions had other forms of types of insurance, including ... or moved away from mortgage indemnity insurance, and at a time where customers no longer wanted to pay for the bond that would need to be put in place, EBS took the decision to continue to put that insurance in place itself and to pay for it.