Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I am moving on. I need to move to it because we need to break for lunch as well and I need to bring the leads in as well to wrap up. Just to wrap up with some matters directly myself with you, Mr. Hurley, and I just want to reference the Nyberg report. It's evidence book Vol. 1, page 215, under the paragraph 441. In that paragraph, it says ... the heading is "The Central Bank Pre-Crisis (2003 to mid-2007)":

As in the case of the Financial Regulator, there was a major domestic policy failure at the Central Bank in respect of the maintenance of financial stability. Not only did the CB (with a small number of contrarians at board level) seriously underestimate the nature and extent of the risks in the Irish financial system but it was content to express only nuanced and somewhat indirect concerns on possible risks rather than study contingent worst-case scenarios. Had it done so, it might have issued stronger warnings (at least confidentially to the Government) or even taken appropriate action.

Would you care to elaborate upon this statement?