Professor Patrick Honohan:

And then there are a number of developments in that area. For example, there was ... new legislation was required to deal with new bank liabilities. There was the question of confirming or otherwise whether a renewal of the guarantee would be requested from Brussels and in order to do that, we had to satisfy ourselves of the likely liquidity position of the banks and whether they were returning to some form of stability. So, we were very active ... we had to be consulted at all points and legislation ... the guarantee legislation at all points requires that consultation but we would have consulted anyway because we were working very closely together with the new team in the Department of Finance.