Mr. John McCarthy:

The ... the division of labour within the ... the central banking system is ... was that the regulator looked after micro-prudential and the Central Bank looked after macro-prudential regulation. The Central Bank team that dealt with macro-prudential regulation dealt with a separate division the banking and finance division, I think it's called, within our Department. We did not deal with those guys. We dealt with ... as I said, our job was forecasting the economy so I talked to people in the Central Bank who are forecasting the economy.