Professor Patrick Honohan:

I hope so. All public authorities need to work closely together but with a sense of independence. I work closely with senior officials in the Department of Finance. We can call each other on our mobile phones and we offer frank advice. Sometimes they do what I would like them to do and other times I will not do what they would like me to do. That is normal. We could stand on ceremony and pretend otherwise. It is somewhat different in respect of regulated entities. I am not at all close to senior officials in the regulated entities.