Mr. Cormac Butler:

No, it would have come to light. In 2010, as Mr. Bush will explain, he blew the whistle on the delayed recognition of losses. He got legal opinion from Martin Moore QC who agreed that the recognition of losses cannot be delayed. The witnesses at the banking inquiry should have been aware that under company law, a company may never misrepresent its financial position. They told the committee that the law is that losses can be hidden.