Gerald Nash (Louth, Labour)
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It has been stated on several occasions at this committee that there was a view, expressed I think by Mr. Bradshaw, Ms Moylan, if my memory is correct, and others, that there was no conflict of interest. It may be the case that the letter of the law in terms of the code of conduct for directors had been complied with, but I do not share the view that the spirit of the code of conduct had been complied with in any way. Does Mr. Maloney understand how that might seem to the general public and members of the committee? Would he accept that to any observer, given the close involvement of Anglo Irish Bank and Bank of Ireland and the fact that there were people closely associated with these institutions on the board, there would at least have been the appearance of a conflict of interest?

It is a little like Lanigan's Ball here. We had one guy stepping in and another stepping out when the formal decisions were being made, but it does not take a rocket scientist to conclude decisions and discussions would have taken place informally. I venture that happened around the funding measures.