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

Yes. Mr. Fingleton, in the core booklet - again Vol. 1, page 71 to 73 - this is a review by Deloitte in the second quarter of 2008 into your bank, Irish Nationwide, commercial and residential lending. It had the following to say with regard to critical issues. On page 71 of these documents it quotes:

No Credit Committee approval was present on a number of reviewed files, mostly relating to loans originating in Belfast.

In many cases the Commercial Loan Application was approved by only one member of the Credit Committee, while at least two members are required under the terms of reference to approve these loans.

It goes on then to say in page 73:

Until December 2007, board approval was required for all loans in excess of €1 million. In a number of incidences, no board approval could be located in either the loan file or the board minutes for loans which, according to the lending policy in operation at the time, would have required board approval.

You have told this committee that at all times - and you're very proud of it - that the board was involved in all of these decisions; that you didn't, despite what the Financial Regulator says, have ultimate responsibility in terms of these decisions, or the authority lay with you. How come is it that Deloitte is pointing out, again and again, that the board didn't approve these ... that the credit committee didn't approve some of these loans?