Mr. Francis O'Donnell:

I do not think it was informal. There was a contractual arrangement in place with the employee but the mistake started in 2017. I want to get to the nub of the issue here. At that point, there was an internal call in IFI. There was a tendering process to see if anybody within the organisation was interested in leasing the property. That should never have happened. That was a mistake. I think it was a cascading effect thereafter because the property was for sale. It was going to be very difficult to get anybody to tender to lease the property because of a condition that the property would have to vacated with ten weeks' notice if IFI managed to sell it. This was a governance mistake and we regret that it happened.

In 2021, when I reviewed the files and went back through some documentation, I realised that the tendering process had not been done nationally. I immediately brought the issue to the board's attention.