Mr. Domhnall Cullinan:

The situation with supervision in the country is well documented. We have had reports from Nyberg, Watson and Regling and Professor Honohan’s own report. As an organisation we were under-resourced by any standard. Now we are at a place where we are at least in keeping with best practice internationally. I referred previously to the engagement model we now have with firms. The capacity of the office has been increased massively. The capability and the specialists we now have within the organisation have been increased substantially. In terms of our supervisory powers, some have already been amended and others are currently before the Houses of the Oireachtas. Again, it is a little like the reserves, I cannot give an absolute guarantee. Nobody can ever guarantee that nothing will happen. We have seen insurance failures in the past in other jurisdictions and it is well documented that things were hidden from supervisors. If people are so minded, that can be done and there is very little a supervisor can do in that regard. We have close, continuous and ongoing engagement with the firms based on their impact category and the potential impact they could have on the Exchequer. A lot of work has been done. It would be wrong of us to ever conclude that we are there now. We should always try to improve our processes. We are considerably better equipped and empowered to do the job we are statutorily obliged to do than we were prior to the crisis.