Mr. Jerry Beades:

Perhaps I could respond to that question. We attended the meeting in Belfast. That was the day when I became alarmed. It was the first occasion I had heard of GRG. At that meeting many people asked why a part of RBS had purchased their assets. Mr. Tomlinson's explanation was astonishing. When the question was asked as to where all this had happened, we were told it happened in a building in London. People were told their assets had been sold to another side of the house. It was explained that there was a glass partition down the middle of an office and that there was a set of staff in the inside section to whom people on the other side of the wall would offer assets for sale. In other words, they were trading the assets with staff on the other side of the glass partition. They would offer the assets for, say, €2 million or €5 million, a price would be agreed and the assets purchased. There are allegations that some of these assets ended up in Ulster Bank executives' pension funds. It is astonishing stuff.