Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Mr. Fingleton, your auditors, KPMG, did a due diligence report, which came to be known as Project Harmony, in 2007. And it found a number of issues regarding the concentration of loans in the higher-risk development sector - or what the report calls the "speculative property investment" - namely: that 41% of total commercial lending was, in this sector, €3.2 billion; that there was a concentration of loans in the higher loan-to-value bands; that 30% of commercial loans had loan-to-value of over 100%; and that there was a concentration in your customer base where 30 commercial customers accounted for 53% of total commercial loan book. This was at the end of 2006. Did your board ever consider or were they concerned that these levels of high concentration and the correlation between them posed a risk to the business model that the society was based on?