Mr. Brian Kealy:

We had an FOI request on that and the request addressed the fact that the IAA reviewed the financial projections. It went through the audited accounts signed by Cooney Carey. This is where it looked at the Shemburn accounts, as opposed to the accounts of PTC. It noted the accounts were not qualified and it stated it reviewed the financial projections provided by the company for 2011 to 2013, which includes the profit and loss balance sheets and cashflows. The company projected profits for each year. The company showed positive net cashflow over the period. The IAA also stated as recently as early June 2012 – this was written in July 2012 – that it met the CEO of PTC and he assured the IAA that sufficient funding was in place until at least year-end 2012, which it clearly was not. As I previously noted, a specific request was made by the IAA in September 2011 and we received a copy of that letter from the liquidator, which indicated that it was invoking a request for additional information under one of the rules in terms of the ongoing financial monitoring which indicated to me that the IAA had specific concerns over the financial resources of the company.