Mr. Tom O'Connell:

I couldn't ... I wouldn't disagree too much with that, you know? But, as I said, even though a lot of the ... nearly all the indicators were pointing in a very bad direction in the body of the report. The financial stability reports normally had to conclude, and in fact when I was interviewed by Donal Donovan and Paul Gorecki from the ESRI for the Honohan report, I'd no sooner taken a seat for the interview when they say ... they took out the 2007 financial stability report and they read the third paragraph, I can recollect, and they put it to me: "Wasn't that very complacent?" And my recollection of that paragraph was that it starts ... it said "The risks in the financial stability ... in the financial system have increased and our" ... it's all worrying but it'll be all right on the night. Now a central bank probably couldn't say anything else, you know, other than that, so ... in fact, as you probably know, the financial stability reports have ceased since then, and ... because they could never conclude other than that "things are manageable." If they said, "The banks are going to fall over", you'd have a run on the banks massively.