Professor Patrick Honohan:

So ... so it didn't surprise me. What surprises ... there were ... the range of reserves were very wide, so there were disappointments. The surprise, I think, was ... came in ... we already knew that AIB was the weaker of the two big banks but the extent to which it was weaker surprised on the downside and particularly after about October 2010 and then, subsequently, it became apparent when we did the analysis later on. So that was the biggest surprise. The scale of Anglo losses were, yes, pretty clear they were going to be that big.