Mr. David Doyle:

First of all, this note of this meeting was never agreed with me, right. It's just to note that, it's not an agreed report. It's their note of the meeting. The statement there is still the same statement I made in my opening statement today, in my written response to you and my oral statement today. I don't know what the workings between the European Central Bank and the Central Bank are because they're shrouded in secrecy and, you know, if you want to know - from an authoritative point of view - as to what ... how that worked, you'd have to get it straight from the Governor, who's a member of the ECB. In relation to my ... my, just, external observation, when you had credit growing throughout the early part of the 2000s, at phenomenal growth rates, 30%-35%, I'm just staggered that no intervention was made. Now the European Central Bank, its core function or its principal function, I think, is the word, is inflation; but it's also, as part of the ESCB with the central banks, charged with the task of contributing to financial stability. Now, throughout the 2000s, you had a significant drop in interest rates, which reflected the economic conditions right across the eurozone, particularly some of the bigger countries where the growth rate was very low. In our case, it was extremely high, so the interest rate regime applicable throughout the eurozone was not appropriate to Ireland, and my point ... my criticism is that, given that excessive growth rate and what that was doing to the economy, there should have been an intervention. I don't know whether the ECB ever advised the Irish Central Bank that they should make an intervention.