Mr. Michael Walsh:

Well, I think, first of all I have two observations in relation to it, and if I deal with the first and probably the most important one, this letter arrived, as you say, in February 2008. In December 2007, the day after the board meeting, I went and saw the regulator and his No. 2, and at that meeting I told the regulator and his No. 2 that we were not continuing to lend, other than where we needed to, to preserve existing facilities. So when I got this letter, it was got at a time when the board had already taken a decision to effectively cease lending and to actually build liquidity. Was I happy with this letter? No, I was never happy with a letter like this, and you can be sure that this letter was actually reviewed carefully. Considered responses would have been sent by the board to the regulator.

In the context of the specific situation in relation to Mr. Fingleton, the reality is that the board had a very clear requirement which was up to, I think, the beginning or the middle of December 2007, all loans above €1 million, having been approved and recommended by the credit committee, had to come to the board for approval.