Professor Patrick Honohan:

Well, I think it confirms what I found in the discussion leading to the report that the micro-regulator, Neary, would have done a lot more if he had any concept that the whole economy could go into a crash, and the macro-regulator, the Governor, would have done a lot more if he realised how vulnerable and exposed the banks were to these individual loan losses. That is what they stated and that is really the legacy of the lines of responsibility that did not actually say all that clearly what were you to do, but, you know, taken together, the institution had the powers and the responsibility to look after these things. That is what it did not actually manage to do.