Professor Patrick Honohan:

I am sorry to get hung up on this word and I would have an easier life if I said "yeah, yeah" but I do not want to be populist and I am trying to avoid certain language. I acknowledge that I did use that language there, with "intrusive". I am not sure that the Government ever said - oh, I think you are right Deputy. I do not know why I got hung up on "intrusive". I think I will agree with what you said, that the Government - not just the Government but the whole regime - did not want to interfere. I would also say that big banks - banks as big as DEPFA - should not and do not mind having a regulator that is asking all the questions. They do mind having their business model messed with. They did mind, for example, when we introduced in 2011 a requirement that they have independent directors. They said, "What do you mean by independent directors? Can we not send somebody from head office?". We said, "No, they need to be independent". They did not like that at all because it interfered with their business model.