Michael D'Arcy (Fine Gael) | Oireachtas source

The document, Chairman, if you could bring it up please, is Vol. 1 INBS page 68 and 69. Mr. Fingleton, it is the Deloitte report in relation to the commercial and residential lending review, completed in May 2008. The reports states:

the Society reviewed and revised its commercial and residential lending policies ... in December ['07]. Of particular note for commercial lending was the extension of the power of the Credit Committee from the approval of loan applications up to €1 million ... to the approval of all commercial loan applications [post 2007. As a result the] Board [was] no longer directly involved in the approval of loans; prior to ['07] the Board approved commercial loan applications in excess of €1 million.

Can you explain why the board made this decision?