Mr. Liam O'Reilly:

I would have been communicating with the Central Bank and Financial Services Authority board about issues that were arising throughout all the period with problems we had with certain institutions. I would be doing the same in the financial stability committees. They were all taken on board.

The bottom line in all cases was, from our point of view, were these institutions solvent and were they ... and what was their loan loss capacity and were they having losses ... loan losses? And I would say as well as that, I would have been heartened by the FSAP report about our system, I would have been heartened about the IMF assessment. Now, they were wrong but, as a result of those, they may have swayed the issues that we might have had with financial stability ... sorry, financial supervision problems.