Mr. Cormac McCarthy:

As I ... as we've described in our ... in my submission, and the documentation I submitted to the inquiry, we had a very rigorous credit process, so any loan of such would have had to go to the Royal Bank of Scotland credit committee. We had no capability within Ulster Bank to do that. If that ... so, therefore, there was a process involved, that something like that would have had to go to a local credit committee, and then an RBS credit committee would have had to be convened, and that RBS credit committee would then have to sit, listen to the credit and then give an opinion or delay it. So there was a modus operandi.