Professor Patrick Honohan:

This is an important point. I do not have good visibility into the incentive structures. The banks themselves say it was not very important. I am not so sure. They say it is all history now which they do not have much of a grip on. Of course, exceptions to policy happen. It is okay that they happen but it is a warning sign. If it is an exception to a policy, you should have a very good reason for that exception. That is where the exceptions became the real driver for it in some cases.