Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. All right, fair enough.

I just want to deal with some matters regarding to loan selection samples, the decision criteria and concentration risk for a moment before I bring in the next witness. The two relevant documents to this, you would be familiar with. There's your own statement, Mr. O'Connor, and there's the Project Atlas 2, Vol. 1 - the working draft of that. And in that, it says:

The top 22 exposures across the six institutions we have received total €25.5 billion, of which €13.7 billion [that's 53%] is in Anglo and €8.1 billion [that's 32%] is in AIB. The top ten exposures are each in excess of €1 billion, accounting for €7.5 billion [that's 17%] of the top 22 exposures.

It then goes on to say:

78.2% of Anglo's book is lent to property companies, 5.5% for personal investments and 6.3% to hotels. 42.2% of Bank of Ireland's book is in home mortgages. It appears that concentration limits may be exceeded in a number of cases [as the figures would have indicated as I've read out].

In your management discussions, what was the background and rationale for the major lending positions and the level of loan provisions from this examination?