Ms Derville Rowland:

In the course of our supervisory engagements with regulated firms, there is a considerable amount of information exchanged. In early recourse, when the transaction became public, there was contact from Davy that sought, in our view, to minimise the transaction and mischaracterise the seriousness of the events. That was at the first engagement. Further information was provided in the course of the early supervisory engagement. It subsequently transpired, in the aftermath of a very forensic and diligent investigation, that the initial characterisation of the events that occurred lacked the candour the Central Bank of Ireland expects from the regulated firms we supervise.