Terry Leyden (Fianna Fail)

I am not accusing Senator Quinn of exaggeration in general but he may have exaggerated some of the responsibilities being placed on directors. The new section 205E(5)(a)(i) requires directors to specify that they have used all reasonable endeavours to secure the company's compliance with its relevant obligations in the financial year to which the annual report or notes relate.

I cannot understand the reason the non-executive directors of the AIB – Lochlann Quinn and others – did not resign when they lost $670 million. How many schools could we build and how many hospitals could we fund adequately if we had that sum of money? Unashamedly, they did not resign or comply with the regulations. Other directors have acted in a similar matter. There is a golden circle in this city, of which I never was or never will be a member—