Mr. Michael Walsh:

I think one of your other witnesses - I think, in written evidence - set out what the purpose of an exceptions policy is. The purpose of an exceptions policy is to make sure that decisions actually come up the line rather than actually stay down the line. The purpose of an exceptions policy - because these are board policies, they are not enshrined in rules or regulations, Central Bank or society rules ... they are board policies and, so, the purpose of those exception policies is to ensure that if somebody wants to do something which is outside a very sort of defined box then it has to come to the board for approval. Now, you've already heard that, you know, everything above €1 million had to come to the board for approval.