Mr. Frank O'Connor:

I really appreciate it. We do want to give the committee as much information as possible. I will address Deputy Timmins's question, but I reiterate this is a very serious matter for us. It is important to state that there is no suggestion of a breach of the IT systems at the NTMA. The other thing is, the minute it was discovered by staff, it was reported to An Garda Síochána, the Department of Finance and all the other stakeholders. Of course, the recovery efforts are very important as well as fully investigating the matter. That is why we have appointed Deloitte to do the full investigation.

In essence, what happened was that we had one payment of €5 million to one Ireland Strategic Investment Fund, ISIF, investee company, which was an existing investee company. It was actually its second capital call. We will happily go through that. A capital call is the way one makes an investment commitment over a period of time. It could be several capital calls. The first capital call to this entity was last year and this was its second capital call. That is important. The fraudulent actor was able to design it, in some detail and to time, to make the capital call look like a legitimate capital call.

We could talk a little bit about overall controls but, again, if we go through our controls in detail, then we are providing information to the next person, so-----