Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. I'd like to refer to core booklet, Vol. 1, again, and it's page 97. These are the minutes of the risk and compliance meeting that was held on 24 May 2007. The issue being discussed is the suggested revision of Anglo's minimum capital ratio requirements. It says in the document:

The committee reviewed and considered the proposal and in particular the key reasons for the Group's suggested reduction in Minimum Regulatory Capital, namely

- The Group has constantly held a surplus over the minimum regulatory capital requirements, thereby creating a significant buffer in the event of an unanticipated and sudden losses in the Group.

- The high propensity of the Group to generate significant and new internal capital equity each year due to the - maintenance of strong average gross lending margins

- low cost-income ratios

- loan loss provision track record Following consideration, the proposal in the paper was approved on the basis of very compelling arguments outlined therein.

Now this is to reduce the amount of capital that would be held by Anglo bank just over a year before Anglo bank lost its capital. Why did you take a decision to place the capital at risk?