Sean Barrett (Independent) | Oireachtas source

Thank you, Chairman, and welcome to our visitor this afternoon. Project Harmony - the report notes:

The overall approach to risk assessment would not be described as highly developed given that the Group continues to rely heavily on the Managing Director, does not have sophisticated IT systems and operates across a limited range of products. The modus operandi would be described by management as fit for purpose, particularly given the degree of Board oversight on the lending approval process.

Was that an appropriate structure to have for an advanced institution which had a balance sheet of €16 billion at the end of 2007?