Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Deputy, you are out of time. I just need to raise this issue on the domestic standing group before we move on. You mentioned there, Governor ... as role as Governor, you did not have a central, pivotal role in the domestic standing group, but given the parties comprising domestic standing group, can you outline the possibility that there was a deficiency in the domestic standing group operating model, which may have resulted in the group's failure to identify early signs of a crisis? There is documentation, in our core documents on notation, that in the Central Bank's assessment of financial markets in or around November 2007 presented to a meeting of the DSG it states that, "If present market conditions persist as expected into 2008 there will be an increased risk of liquidity arising from Irish banks", and it also goes on to say that, "The Central Bank the Financial Regulator continues to liaise with the banks closely at CEO levels and are monitoring the position very closely".