Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome our witnesses. I find Mr. O'Keeffe's unwillingness to give any information whatsoever about Project Redwood quite disturbing. Project Redwood has been covered quite extensively in the media. While Permanent TSB has opened up, to an extent, in terms of the content of its Project Glas and has subjected itself to detailed scrutiny, which is appropriate, AIB is refusing to make any public comment whatsoever. I have read various articles - which seem to be very well informed wherever the leaks are coming from - which talk about the first round cut-off being conducted in January. Informed sources says the deal will be completed by June. I acknowledge and welcome the fact that no private dwelling home or family home mortgages are included in this portfolio but, if the reports are correct, we are talking about a portfolio of €3.7 billion or so. That is the equivalent of Project Glas and yet AIB is providing no information whatsoever. It is not even confirming that Project Redwood exists. That is a remarkable attitude for the bank to adopt.