Mr. Charlie McCreevy:

Well, the structure that was set up would have allowed great interaction between the regulator and the Governor of the Central Bank. The ECB insisted that the Governor of the Central Bank had to be totally independent and they were ... they were only anxious at that time about that particular matter, more than anything else. Mr. ... the structure that was set up would have ... the Governor to produce financial stability reports and I'm sure that there could have been interaction, as per the law, between him and the Financial Regulator, if the Financial Regulator brought to his attention any matters that he thought would compromise financial stability because the Act itself allowed that prudence was to be exercised and I'm sure there were sufficient powers there for the Governor to intervene if he thought so fit.