Mr. Gerard Cahillane:

We rely on two things, in respect of due diligence. First, the audited accounts, which is the most independent recognised assessment of a company's trading ability. Those audited accounts clearly told us that the company had a turnover of between £5.5 billion and £6 billion and had between £600 million and £700 million in cash. It was trading profitably and there were no issues with regard to it being a going concern. As Carillion was listed on the Stock Exchange, we carried out research in that area. There were no red flags highlighted for us in respect of the company.