Professor Patrick Honohan:

I am a grey-faced bureaucrat. She is spot on in her interpretation. Of course it is a difficult job but the banks are not there. I would point out a difference in interpretation. I do not see the insolvency legislation as opening a new possibility for the Central Bank to do something to the banks. In fact, the personal insolvency legislation will chivvy the banks into making permanent restructuring arrangements because if they do not so they will have to go through a process which they will not control as much as they control the present situation. This is why the legislation is good. It puts pressure on-----