Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Okay. And can I . . . we'll say . . . the fact right that . . . and I'm reading from the summary report, Chairman, that was given on ... which was published on 20 February '09, and you state in ... in the summary, you state: "Under the PwC [it's page 37] highest stress scenario, Anglo’s core equity and tier 1 ratios are projected to exceed regulatory minima (Tier 1 – 4%) at 30 September 2010 after taking account of operating profits and stressed impairments." Now you said these took place on 17 November 2008. The two questions I suppose I want to ask: how do you reflect on that now with the fact that Anglo has cost the taxpayer over €30 billion that they’ll never see a red cent for? And, secondly, that when you reported on 17 November on Project Atlas 2 to the regulator, the Taoiseach of the day, Mr. Brian Cowen, came out two days later and he said:

The report confirms that all institutions reviewed are in excess of regulatory requirements as of 30 September 2008 [ the date the guarantee scheme was announced by Government] The PwC report demonstrates, under a number of stress scenarios, that capital levels in the covered institutions will remain above regulatory levels in the period to 2011. The Government's guarantee scheme has been successful.

The Government and the Taoiseach of the day relied on your report-----