Mr. Willie Soffe:

I do not see what problem there could have been. The terms of reference were quite clear that it was not a decision making committee. Its purpose was to provide advice on strategy in Northern Ireland. Details about borrowers or their assets were never discussed. On the issue of conflict of interest, we all make declarations annually about any conflict of interest, but at each meeting - I chair the credit committee quite regularly - and at the board meeting, the first item on the agenda is whether there are any disclosures of interest to be made. From time to time disclosures are made and when the item to which the disclosure applies arises, the individual involved has to leave the meeting and come back when the item is finished. It happens for various reasons. People may have a conflict of interest because in their other job they are doing work with various companies. An example would be a member of staff of NAMA who was, in a previous job, an adviser to a buyer. That person would have filled in a form and declared that interest. The chairman of the meeting will then ask the individual to leave.