Oireachtas Joint and Select Committees

Wednesday, 6 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Cormac McCarthy:

Again, internal audit in Ulster Bank was a pretty strong function and did a lot of work that was governed by RBS group internal audit. We had a very strong audit committee that was independently chaired. Again, the papers have been submitted to the inquiry. It acted independently and behaved independently, including separate reporting to Royal Bank of Scotland, so we had a very strong functioning internal audit function as well.