Professor Patrick Honohan:

Well, I think it was ... I put it down to the complete lack of ... exaggeration but the lack of attention to the quantification and the estimation of the risk and the quantified understanding of the business model of the banks. The focus was you have talked about principles-based. It's not so much that, but it's the idea that a well-governed bank will never get into trouble with giving those ... don't give me the details about the loans, just tell me have they got a good decision-making structure and is everything decided by the board or by the risk committee, so, yes.