Professor Gregory Connor:

The net foreign borrowing figure is delivered every month by the Central Bank in table A4.1 so the number is there and I am sure the macro-prudential economists in the Central Bank are following it, as they should have been following it then. When it is a problem the Central Bank should immediately turn to the individual banks and take action on a bank by bank basis. I do not believe it is necessary, when alarm bells ring, to take action against all banks; instead, each individual bank should be looked at and told what they must do.