Mr. Matthew Elderfield:

I think the formal selection process will not involve me but I give advice to Professor Honohan and know a bit about what is going on. There is a special process for recruitment.

It is really hard to make that hindsight judgment. I think it is probably unfair for me to make a judgment on that. Let me put it this way. If one had all the elements in place – supervisors, the right challenging approach, as well as stuff we have not talked about such as a resolution framework where one could wind down banks – on the night of the guarantee, I think one would probably have known at that point that Anglo Irish Bank was insolvent and Irish Nationwide Building Society was in trouble. One would have had a toolkit already available to deal with the problems in terms of the ability to wind down those institutions, which would have made a big difference. It would not have been attributable to me personally but a better framework would have helped out on that fateful night.