Mr. Jonathan Sugarman:

I was astonished on several occasions. To begin with, when I made reference in my report to a breach of 20% I expected all hell to break lose. The letter of the law, which I have enclosed for the committee, issued in 2006 specifically set out what a material breach was and how much a bank could veer from the limit given by the Central Bank. The limit is 1%. A breach of 1% should have set alarm bells ringing. I walked in and told officials that the bank was at 20%. That meant I breached the limit by 1,900%, and nothing happened – nothing.