3 4 CHAIRMAN: Good morning, Mr. Murphy. 5 - The Tribunal of ...

6913:00:101 THE TRIBUNAL RESUMED AS FOLLOWS AT 2:00 P.M:23 CHAIRMAN: Now, good afternoon, Mr. Hughes.4 A. Good after afternoon.14:05:2156 CHAIRMAN: Now, Mr. Millar.78 MR. MILLAR: Thank you, Mr. Chairman. Good afternoon, Mr. Hughes.914:05:2610 Mr. Hughes, could I just bring you back please to the whole question of the11 Irish Permanent procedure back in 1994 for recording foreign exchange12 transactions followed by lodgements. Were there procedures laid down by the13 building society as to how that was to be done?14 A. There were.14:05:4715 Q. 454 And what was that?16 A. We were to check the money, and we would purchase the money and get a rate,17 purchase in Sterling, get an Irish rate and then lodge that rate, that amount,18 to the account.19 Q. 455 I see. And with respect to the recording of these transactions was it standard14:06:0520 procedure, was it accepted procedure rather to do these backwards to record21 them backwards in other words record the lodgement and thereafter to record the22 exchange?23 A. It was acceptable once it will had gone through that day. As I explained to24 Mr. Murphy this morning, there was no significance in the fact that we might14:06:2825 have made a lodgement to the account prior to actually making the lodgement to26 the 135 account.27 Q. 456 Okay. So the whole idea was to make sure that in the 135 account at the end of28 the day there was enough Sterling or the correct amount of Sterling for example29 or other currencies or in this instance it was only Sterling I think in 135,14:06:4330 isn't that correct? So that there was enough Sterling to match thePremier Captioning & Realtime Limitedwww.pcr.ie Day 839