Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I suppose the point is, Mr. Grimes, that in September 2007 we had hundreds of people queuing on the streets of Dublin to get their cash out of Northern Rock, and this was a full year before the crisis hit Ireland as such, and the main banks. And so the question that I think a lot of people would want to know is, why the Central Bank and the Department of Finance were not more prepared with legislation on the books that would have given them the option of taking banks into custody, for example, separating good assets from bad assets?