Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I just want to make reference there to page 35 of your statement, Mr. Cardiff, and to, kind of, put the question to you as to how did it become clear and what analysis highlighted that there was not a sufficient understanding available from the Central Bank and regulator of the internal workings of the banks, which were apparently in difficulty, as referenced on the page I mention? And, I think, the last line probably best succinctly captures that where it goes ... I think it's about the fourth line up, just coming in from the left, it says ... or the right, "Irish banks - in effect, they were in a vicious cycle: their inability to raise funds made them less creditworthy, which in turn made fundraising more difficult, and the credit rating downgrade would accelerate the downward cycle."