Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Governor, I am reading from the memorandum of understanding. It's on page 30 and dispute anything I am saying here if I am reading it wrong. It says, "To carry out the Bank's mandate for financial stability, the Governor and the Board's responsibilities therefore involve:" It mentions three things and then it goes on to the fourth, and it says, "analysis of the micro-prudential - where appropriate - as well as macro-prudential health of the financial sector." Given that that is what is in the memorandum of understanding between the Central Bank and the Financial Regulator, how can you say that analysis of micro-prudential is solely the responsibility of the Financial Regulator? It clearly states here it is your responsibility also, where appropriate.