Professor Patrick Honohan:

Yes, well okay. Two of those, and in a later page I meant to bring it with me ... photograph it and bring it with me but I didn't ... in a later page at the end of that report the authorities' response is given and it states clearly what we think of those four recommendations. We actually don't agree with two of them but we're going to do them anyway and they both relate to the application of significant regulatory resources to deal with less significant institutions.

And, we don't think that that's really necessary, but we will certainly do it because we want to be fully compliant. The independence of the Central Bank issue is really a matter for the Government. It's not about the independence of the Governor, which is assured, but it's actually ... relates to the ease and ability with which the Minister could act to remove any or all of the members of the Central Bank commission, and it's thought by the IMF, from their experience with, I suppose, different countries where political environment is different, that the members of the Central Bank commission should be independent of the Government, so that they can take tough decisions without fear of being removed from office. That's largely the recommendation, so that's a matter for the Department of Finance. I can't remember what the fourth one is offhand, but-----