James Geoghegan (Dublin Bay South, Fine Gael)

I have just one final question. Mr. Doherty mentioned the impact that the underbidding had for the sector generally. Was this anything other than a pyramid scheme? Basically, what was happening - or at least, as it appears to me, having read the documentation supplied - was that the Peter McVerry Trust underbid for contracts and then funded those contracts by the subsequent contracts it underbid for. Then when the music stopped, it had no money. It was basically a bust entity. If it were not for Mr. Doherty arriving and identifying all of these things, God knows where the place would have been.

Is that a fair contention?