Mr. John Hurley:

We had to ... the Act was established to create regulation as an autonomous entity within the Central Bank ... It was also indicated that they would carry out their functions according to their own lights and responsibility. We accepted that but we did have a responsibility to gather the overall data together to try to come to a conclusion on the sector and that's what we did and we tried to do that without encroaching on the responsibilities of the Financial Regulator. We worked well together in terms of the relevant responsibilities. The Financial Regulator has its responsibility, as we had ours, but we were conscious that we were no longer the regulator.