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

All right. If I can go then to page 3 of your statement, it's the very bottom of the page 5.9 and you say:

Under the legislation or in terms of the accountability framework, my area had no role or mandate in assessing the efficacy of financial supervision or in overseeing systemic stability. We were, however, cognisant of a broad range of factors which appeared to provide substantial assurance over that period that the supervisory and prudential system was operating effectively.

On the next page you go through a lot of the stuff that you have cognisance of and so on. Given that systemic risk, by your own testimony here this afternoon, was the biggest of all the issues in the room in the approach to the guarantee and given by your own admission in your statement here that you had no responsibility for systemic risk, how would you care to comment upon that now?