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

Thanks, Chair. Finally, one of the reasons that you cited earlier for the true picture ending much worse was around the issue of loan security, security not being properly tied down, cross collateralisation, personal guarantees not being worth a whole lot when the bank tried to pursue them. But when did you first identify any concerns in that area, because even going back to the letter of engagement for Atlas 1, point No. 9 in appendix A, you were to select a sample of the customer loan balances at the end of August '08 on the large exposures, and review the loan files, discuss the contents of these files with members of management. And then subsequently, in October, letter of engagement for Atlas 2, you were required to again review the loan balances at the end of September '08 for the top 20 this time-----