Professor Patrick Honohan:

What we have now, we meet as the principals. Why do we call them the principals? Because when the troika were here, there were meetings at a technical level and then people would say "There's a principals' meeting". And then we would say "Yes, but we want to have a meeting before that - it'll be the domestic principals." So, it'll be five or six of the senior people and we still call it the principals and I pointed out that this is actually the domestic standing group, which we have to have, and we meet on a monthly basis.