Professor Patrick Honohan:

Well, I mean, the ... I'll point to our macro-prudential measures that we took last autumn. Not exactly those, but that sort of measure should have been developed in detail. He should have said ... I could imagine a discussion between a chief economist and a Governor saying:

Look, Governor, I know you're busy in Frankfurt and whatever but I want ... we've noticed something here and we think it's a worrying situation, it's unstable and we think some measures should be taken. And we've looked at the 1942 Act and we do have the powers and I'd like your authorisation to prepare a paper which would outline this and we'll present it to the board.

And that's what the other man, who was also in here with you, Con Horan, did on his side and he required additional requirements and they were ... they were put in place after a lengthy discussion, but they were put in place and they weren't sufficient but, you know, that ... you know, follow through; do something.