Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Thank you, Chair. You're very welcome back, Governor Honohan. Can I start by asking you about your official report, where you refer to the over-reliance in the financial stability reports from the Central Bank on the annual stress tests and even the stress tests in the summer of 2008 provided a reassuring picture. How has the Central Bank addressed this over-reliance since? And do you view the ECB stress tests as the appropriate mechanism for the Irish banking sector?