Mr. John Hurley:

And the view in the financial stability report would have been arrived at on the basis of that assessment. There was very good co-operation with the Financial Regulator throughout this period but we didn’t encroach on the functions of the Financial Regulator. The Financial Regulator was established as a separate entity with its own board. It had its own responsibilities, and we were divested of those responsibilities in the 2003 Act, and so we had to accept that we were no longer regulating the Irish financial institutions. So we had a ... we certainly had got a stability role but it very much depended on the accumulation of data and the information we were getting and then assessments being made on the basis of that. We were no longer regulating the Irish financial institutions.