Mr. Seamus McCarthy:

We certainly need to look at it in regard to the Credit Institutions Resolution Fund. That fund was established at the very end of 2011 and before the end of 2011, a total of €250 million was transferred into it from the Exchequer under legislation. There was no provision for accounting and audit of the fund at that time but this was rectified in legislation in July 2013. I was given audit responsibility for it.

Mr. Whoriskey has mentioned that the Resolution Fund was established by the Minister for Finance and that he "agreed the provision of the required funding for the transfer of Newbridge Credit Union to Permanent TSB". There is a role for the Department as well as the Central Bank.