Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Can I start by asking you ... that following the delegation of authority to the credit committee in December 2007 ... as you know, internal audit carried out two reviews of the operation of the credit committee and the evidence is in the core booklets, Vol. 2. One review in July 2008 covering the period of January to June '08 and the second in January '09 covering the period July to December 2008. And the internal audit's findings note that the frequency of meetings declined as the year went on to the point where, in the opinion of internal audit, the credit committee is not meeting with enough frequency to fulfil all of its duties.

Can you comment on that? Is that just a function of the reduction in lending activity at that time or is it indicative of a weakness in the systems at INBS?