Mr. Liam O'Reilly:

I have already said this, that we did not, and I really regret it, we did not recognise the exposures at my time in office, for the commercial property lending and, particularly as we have seen in this forum, to individuals. I think it wasn't until 2007 that these issues began to be recognised and again I think it comes down to this whole idea of compartmentalisation, if you like, of work - where on the one side, you have economists working on aggregate data and on the other side, you have regulators dealing with individual banks. There should have been something in the middle where there was a team working on the aggregate position and how it evolved. That wasn't there at the time, it was a failure in the system.