Professor Patrick Honohan:

Going back to that period, it was mostly at that two levels down and then it got escalated to one level from the top or even to the top person. As to what it did, the group talked about a lot of these things like whether we should have a resolution scheme, how is liquidity going in the banks, what needs to be done, what if there is a catastrophe, should there not be a paper prepared on that or what about legislation for a nationalisation. The group did all of that preparation. Basically, it was a meeting of the principals to see that preparation for financial stability events would be developed.