Mr. Gerard Cahillane:

The most independent, reliable source in assessing a company's robustness is its audited financial accounts. For Carrillion, we relied on the audited financial accounts for the past three years that had been prepared by KPMG in the United Kingdom. They showed that the company had a turnover of between €5 billion and €6 billion and a market capitalisation value of €1.5 billion. It was making a profit.

It was a going concern. There was no emphasis of matter. It ticked all the boxes on best practice. We now know that those audited accounts were flawed and there is an investigation by the UK's regulatory authority of how KPMG concluded those audits. There are several investigations into the matter. We did that and it is pretty standard and is considered best practice. We now know that we could not rely on them. We did an additional check because this was a publicly listed company and Mr. O'Neill to talk about that.