Ms Fidelma Clarke:

So it was decided that the credit policy of ... certainly it was the intent, again, based on the documentation here, that the credit policy of the society would effectively be the same for the broker business. But there was one very important distinction and that was that the society was prepared to pay for mortgage indemnity insurance for its core business, but it was not prepared to pay for mortgage indemnity insurance for its broker business. And, therefore, the loan-to-value exposures that it would entertain for broker business were different.