Professor Patrick Honohan:

The financial stability committee is an internal committee composed of senior staff members and chaired at that time by the Director General of the bank. I suppose it was that person who, with the Governor, would have brought the reports to the board for approval. I cannot quite recall whether anyone used the words "toning down" at the board. I think the toning down was done in the committee and perhaps between the committee and it being brought to the board of the Central Bank for approval.