Sean Barrett (Independent) | Oireachtas source

Thank you, Chairman, and welcome, Mr. McCreevy. Going back to the financial arrangements, you call it the Dermot McCarthy compromise. The memorandum of understanding between the Central Bank and the Financial Regulator dealt with the responsibilities being divided between the Central Bank and the IFSRA. Was there clarity on what should be dealt with by the regulator and was there an expectation that the Governor could exercise his rights under the memorandum of understanding and intervene with the regulator?