Professor Patrick Honohan:

Yes. So, this is ... it comes to be even more complicated because now the euro system, the treaty has been interpreted to give the euro system the role of supervising the Irish banks. So, supposing there was a situation, which we don't imagine now, where there was a need to resolve an Irish bank and this was going to cause some stress and pressure on Ireland, previously we were the supervisor and we could take account. Will the SSM take account? Well, it'll certainly have the information to take account and I think that's why, in addition to supervision, a separate resolution regime has been set up, and eventually it will be funded and eventually that problem will be resolved. But it is a potential conflict, but it doesn't reside solely in the Central Bank anymore.