John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Thank you. On page 3 of your opening statement you describe a crisis simulation exercise as being "carefully constructed". It involved the Department of Finance, Central Bank and the regulator, conducted in 2007 on a potential bank failure. I'd ask you to comment on that description and how it fits with the fact that the exercise lasted less than three hours. It was described by Governor Honohan as "excessively cumbersome" and it ... rather than featuring a failure of an institution, it merely featured difficulties for a single borrower rather than an institution or a ... the whole sector.