Mr. John Hurley:

The powers available to the Governor of the Central Bank and the Central Bank at the time were a general power of guidance. The detailed powers were actually with the Financial Regulator. We had ... we could have issued formal guidance to the Financial Regulator in relation to functions set out and that, but we didn't do that because what we did was, we agreed with the Financial Regulator jointly financial stability reports.

We had a number of iterations to do this, and the reports were agreed and the risk framework was agreed. And once the risk framework was agreed regulation was to take place within that context. We never issued formal guidelines to the Financial Regulator and we didn't think it was necessary to do so.