Mr. Shane Kavanagh:

To be clear on the products that were being sold, for the right customer there was no difficulty with them but they did not suit everybody. We would have known our customer base for years and we would have known who would be happy to buy these products. This was in 2011, when there was a lot of fear in terms of the bank guarantee and the safety of savings and so on. We were told deposits were guaranteed but we need to sell bank assurance products. We knew they would not be suitable for everybody and we raised concerns in that regard. It was a case of comply or good luck. That was the reality.