Cormac Devlin (Dún Laoghaire, Fianna Fail) | Oireachtas source

I understand what Mr. Black is saying about the establishment costs but the ongoing expenses for SBCI, in terms of premises, financial management, procurement, HR and administration, are all linked with the NTMA. Surely the costs being incurred are quite minimal unless the SBCI is being billed for those pro rata.

In his opening remarks, Mr. Black mentioned he used intermediaries to get lending out to market but I note that the SBCI also spent €1 million on advertising. Given the link between the intermediaries and their promotion of the SBCI, why is there a need to spend so much money?