Mr. John Moran:

Part of the problem is that without having been there to hear the conversation and understand the context, it is difficult to try to extrapolate from what he said. To me, financial stability is not just about the banks. Financial stability is about many issues, and I have already referred to growth, the dependence of our State on growth externally and what that feedback loop would be in respect of the sovereign debt. That is the reason we have recommended in the medium-term economic strategy continued fiscal diligence so as to reduce our vulnerabilities. We are a State that is still spending more money than it is earning. We have high debt levels and therefore we are vulnerable to external shocks. Part of the process that has been set out is reducing those vulnerabilities. I am sure the ECB has an interest in that as much as anyone else. We have learnt the impact it can have in other countries in Europe across the whole system. The Deputy would be correct to say that if we look across the European platform there are many countries in which one would say there are risks, and the development of those risks in an adverse way could give rise to financial stability issues. That does not mean we have a banking system that is unstable.