Mr. John Hurley:

The Central Bank had a role in relation to financial stability. That was an overall role it ... which was part of the functions of the Central Bank but within that particular organisation, the financial stability ... the Financial Regulator had carved-out responsibilities. And that carved-out responsibilities related to the regulation and supervision of banks and, in that respect, it was independent ... in that respect, reporting to its own board. But there was an overall responsibility for the board I chaired for the Central Bank in relation to financial stability.