Mr. Tom Considine:

It depends on one's interests. As I noted in my opening statement, I have taken a particular interest in the governance structure of the bank and making the changes required to ensure the board has tighter control over what happens so that this type of situation does not arise again and the Exchequer does not have to step in. I can only speculate whether someone else appointed to the board would have taken the same interest. I am chairman of the risk committee because I took that interest. I outlined in my opening statement the type of changes we have made. We have validated those changes by getting people who are recognised in the industry to examine whether we are meeting best practice.

My overriding interest as a member of the board is to ensure the taxpayer is repaid and that the bank is developed in a way that enables it to support the economy. If the bank does not support the economy, all this will be more difficult for everyone.