Pearse Doherty (Donegal South West, Sinn Fein)
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Okay. The same inspector's report quotes minutes of the board meeting on 26 September 2007. It's on page 27 of the same book of evidence and it reads and I quote:

[The] Chair noted that the bank was not in a position where it had a full understanding of[blanked out customer's name's] liquidity. It was ... strongly emphasised that the bank needed information as to how[the customer] will generate cash and what its wider strategy is, as well as gaining further insight into the local strategy in relation to the build up of assets around[the blanked out customer's name and] the bank was now heavily exposed to this group and uncertain at this stage whether c. [€]500 million was the right number to be basing our appetite.

Can I ask you, given those board minutes, what was the problems, if any, with the credit review process in Ulster Bank?