Professor Patrick Honohan:

Well, yes, I mean, a lot of things have been done and as, I think Cyril Roux explained to the committee, of course we now have a new wave of redoing the banking supervision, because now the European thing has been set up.

But in the early years, and it wasn't just for banking because we were paying attention to the other non-bank sectors as well - great increase in staffing; separation of the enforcement task from supervision; separation of the policy design, very complex European policies, separation of that from day-to-day supervision so that the day-to-day supervisors are clear to go; hiring of experienced outside people who weren't caught up in what had happened to lead this in the first instance and now the training up of internal people; a change I think also in the culture. We've done formal things to change the culture of the organisation - there are management things - and informal ways of changing the culture, bringing in things like all staff meetings and, I hope, creating an atmosphere where nobody is afraid to speak up and say, "I think you're going the wrong way."