Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Okay. Can I refer you then quickly to your statement ... written statement, page 4. And in reference to why so-called principles-based regulation and you refer to the IMF calling it light-touch regulation, why that was the case ... and you make reference to:

The ... Board was, however, concerned about generating instability and the risks attaching to shrill warnings. It also had concerns about the impact that regulatory intervention might have on the competitiveness of Irish banks.

This is to answer the question as ... as to why it was light-touch or principles-based regulation. And then you refer on footnote 11.12 to three sets of board minutes: July 2006, June 2006 and October 2007. What's that reference to? Where does shrill warnings-----