Professor Patrick Honohan:

Could I clarify that point? The drafting of the submission may be misleading because what the Deputy has said was not my intention. My intention was to indicate that the approach of the Central Bank and the belief that it should be done in co-operation with other authorities is correct. At this stage I am not passing judgment - either favourable or unfavourable - on the way the banks are responding. I fully accept it is too early to say that.