Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The 2003 Act, Mr. Hurley, set out very clearly in section 26, it inserted a new section 33D in the principal Act, giving the Governor or the board the power to issue guidelines to the regulatory authority and those guidelines had to be complied with by the Financial Regulator. So is it the case that you, as Governor of the Central Bank, had the power to issue guidelines to the Financial Regulator in respect of capital ratios for example?