Mr. Dónall Ó Cualáin:

The audit committee approves the proposal. At that point, the advice was that the legal advice had to be sought and obtained before Mr. Kelly could commence his work, all the bank accounts had to be closed, and all the moneys and investments had to be brought into one account. All that work was ongoing. However, in the first quarter of that year in discussions I had with our legal adviser, Mr. Ken Ruane, it became clear to me that that advice was not going to be forthcoming any time soon. I then put it in writing to Mr. Kelly that he should start the audit because I felt that until such time as he had completed his audit, the sum of the solutions to the issues would not be clear to me or the Commissioner. We needed his professional view on what the issues were and what we needed to do fix them going forward. By March, I had asked Mr. Kelly to do that.