Mr. Peter Nyberg:

The fact that there was a systemic crisis, and that many banks had made a lot of bad loans and had governance issues, did of course indicate that they could not have known better than others so, no, I was not surprised.

Many, but especially the big auditing institutions, are represented not only in Ireland, but all over the world. As such, one could make a case that they should, if not in their Irish companies but in other parts of their international organisations, have had access to warning signs more than, for instance, local banks or something like that. To that extent, it was unexpected that the international experience that big auditing firms have was not used more. One can put the same question to central banks that also have, very much, international exposure and so forth.