Mr. Cormac Butler:

If the audit companies come before the committee the members should ask them if, as a result of the AssetCo vGrant Thornton UK, it is time for banks to restate their accounts. If the banks did restate their accounts they would have to reveal all losses. I believe that what would come to light is that between 2005 and 2008 Irish banks were moving into insolvency. It was a reckless period and they were giving out loans to everyone left, right and centre. They were accumulating huge amounts of losses but were not disclosing it. The Central Bank was aware that the banks were doing this, but the Irish Government - at least officially - was not aware-----