Mr. Liam O'Reilly:

Well, the crossovers occurred in two ways. As I said earlier, from the point of view of organisational structure, there were six Financial Regulator board members on the board of the CBFSAI. So, there was an immediate crossover. A second one was that there was a financial stability committee and I, as the CEO, was a member of the financial stability committee. If there were weaknesses, I think that they were at an organisational level and I think that Professor Honohan mentions in his report that the ... there seems to have been a cultural issue generally. And he didn't just single out the Central Bank of Ireland, he said it seemed to be a culture in every central bank that economists and accountants find it very difficult to talk to each other in the same language.

And I think if there was a lack, I think there should have been a financial stability unit, if you like, permanently attached to the banking department. I ... I ... when ... in my time ... appointed an economist as a deputy manager in the banking department for that very reason. But I think we needed much more organised structures and much more communication about issues so that if there was a recognised ... a recognition, in some sense or the other, of the issues that were arising as a result of the growth of credit, on one side, on an aggregate basis and then, on the other side, the individual banks, if that had been put together more, I think we would have been in a better position at the end of the day.