Professor Patrick Honohan:

I think they were adequate. They could have asked for more and subsequently we did ask for more, and we have more. The powers that we used recently, with the approval of the Oireachtas, on loan-to-value and loan-to-income ratios were the new powers that we were given. We had discussions internally on why we were not using the old Central Bank Act 1971 but we were advised to use the new powers.