Sean Barrett (Independent) | Oireachtas source

In the paper on stress tests to which Deputy O'Donnell referred, Professor Honohan stated that the 2006 stress test was virtually meaningless. He expressed the hope that the Regulator did not take the very favourable results of this "bottom-up" self-test too seriously. When the people in this Parliament hear that something has passed a stress test it is important for us that this should actually mean something. How would Professor Honohan upgrade from the very unsatisfactory experience he recounted from 2006 to stress tests today? Should legislators have strong caveats when an organisation declared it has passed these stress tests?