Mr. John Hurley:

Well, in the context of this crisis, I can't say any central bank anywhere has come out top of the class. I think 13 or 14 countries have had a systemic crisis. The systemic crisis arose because there was a general collapse in markets; there was a failure of the Basel accords; there was an incomplete EMU; the Stability and Growth Pact wasn't as strong as it should have been; and we had oversight from the IMF, from rating agencies and from accountants. No one saw this coming about, so the Central Bank in Ireland would have been quite unique if it saw this crisis coming. Where I think we have to answer and account, we have to account about the weaknesses in our own system. And some of those weaknesses, particularly in relation to risk taking in individual banks, which would not have been known by the Central Bank, they caused problems and would have caused problems anyway.