Mr. Darragh O'Loughlin:

As set out in the Mazars report, they looked at the particular circumstances around it. They looked at the transaction itself, how it had happened, and the particular set of circumstances that led up to it. It was not a question of misappropriation or personal gain. According to the Mazars review there was a particular cash flow crisis, as it were, in January 2022 because a number of payments had been made that had not yet been funded. Redundancy payments were being made and there was a shortage of money in the IHRB bank account such that that month's payroll potentially could not have been met. It was in those particular circumstances that the then chief financial officer actioned this transfer.