Mr. Seamus McCarthy:

That is a requirement where a matter is to be discussed. It is standard procedure. The first point is that one should disclose a conflict of interest and a decision can then be made by the committee or perhaps by the chairperson of the meeting that it has no bearing on the matter to be discussed and that an individual may sit in at the meeting. A distinction is drawn between the declarations made by Mr. Cushnahan and Mr. Rowntree. There were agenda items which were to be discussed in respect of which Mr. Rowntree had made a disclosure. I do not remember the specific disclosures, but they did not relate to debtor connections but to other matters. A decision could then be taken by the board on whether he needed to leave.

On Mr. Cushnahan’s disclosures, they were statements of fact. There was no discussion coming up of the individual debtors, but he was putting it on the record that he had an engagement or a relationship with certain debtors.