Professor Patrick Honohan:

I do not think so. While I am not necessarily buying into the particular approach the Deputy is describing, so far as powers are concerned, some colleagues argue we should ask for such and such a power, but in my view, we have extensive powers. The Oireachtas has granted us extensive powers and I know we will use them as necessary. It is a question of getting the right instruction - the instruction that works - rather than whether we have the power to give the instruction.