Mr. John Hurley:

The power of guidance was a power in the Central Bank Act. The formal power of guidance wasn't exercised, but the overall guidance given by the Central Bank is clear in each of the financial stability reports and each of the press conferences that I gave, and that was the framework within which our banks were to be regulated. Now, formal guidance would have been given if it was considered to be necessary. It wasn't considered to be necessary because the report set out clearly what the framework was and they were agreed.