Mr. Liam O'Reilly:

I was concerned but as I said later, there were other ameliorating factors certainly at the time of my departure, but I was concerned about, to use an analogy, that the party was going on and no-one was listening. And I just felt that there was a need to get out there and to try and get people to listen. The major outcome of that was the forum of people that we got together every year, the executives of the banks and the economists in those banks. And as the Honohan report says, there seems to be a kind of a different memory emerging as to what was being said, as to what was being heard but I remember saying at that meeting that if, somewhat like I said in public in 2005, "if a shock hits this system are you ready for that shock, have you adequate capital for it?" And given the growth in credit and the growth in corporate credit at that stage even I think it was, that was in 2004.