John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

"Overall indebtedness was assessed on the basis of an uncertified Net Worth Statement. The inspectors would question whether reliance should be placed on such a statement." Over the page, page 44, second box, point No. 3, "The purpose of the €4m loan changed after approval - it is not clear to inspectors how the €3m funds advanced will be utilised (€1m being used to acquire US Property)." Next box down, "No evidence of income - (client will not provide it)." Point No. 3, "Salary details were estimated by EBS." Point No. 5, "No valuation of property being acquired. This property was used as security along with existing properties secured by EBS." And again, on the bottom of page 45, last ... the very last point, "Reliance placed on uncertified Net Worth Statements." This was in 2008 ... early 2008 ... March 2008, I presume referencing the previous year. How can you explain those discrepancies ... that this admittedly high-level review rather than an in depth analysis by the regulator, which they've said in their opening letter that these were identified? How did they happen?