Mr. Jonathan Sugarman:

As Deputy D'Arcy said, it was not called the Central Bank, it was called the Financial Regulator. In the Financial Regulator there were teams and each team was assigned to particular banks. Obviously, I dealt with the team assigned to UniCredit Bank Ireland. I urge the Deputy to look at today's edition of The Irish Times, which states the Central Bank found weak controls at some IFSC banks. The article states the "inspectors found problems including mistakes in the calculation of credit Risk Weighted Assets ..., the failure to control weaknesses and inadequate resources in the regulatory reporting function". This is ten years later and appears in today's edition of The Irish Times.