Ms Derville Rowland:

This matter became public a number of months after the deal was entered into. I think Davy knew about it from the get-go, given that it was its conduct that was complained of to us, and it was known about at senior levels. The Central Bank of Ireland became aware of it a number of months later, after it entered the public domain. As we detailed in our statement, our view is there was a lack of candour on the part of those who contacted the Central Bank to try to characterise the deal as something different from what it was. It was only subsequently, through the diligent digging in the detailed investigation, that the full details that are in the statement came to light.