Mr. Tom O'Connell:

Yes, and actually ... yes actually I think it might be of interest ... I think it might be of interest, Chairman, too, because one of my former colleagues who has a legal background said to me that - I think the question of the Governor's guidelines arose at some point and he ... my colleague, my former colleague, informed me that in actual fact the financial stability report constituted the Governor's guidelines because if the Governor had issued guidelines he was required, in accordance with section 33(d) of the 2003 Act, to put the guidelines in Iris Oifigiúil. So for example, in the crisis situation he would have had to say "We're raising the capital ratios for all the banks, or putting sectoral limits on them." And of course, in a crisis situation that would cause panic.