Ms Ann Nolan:

Well, you know, hindsight is a great thing, if you have it but, unfortunately, you usually only have it about the past, not the future. In hindsight, it is easy say things could have been done differently but it wasn't possible at the time. I think, you know, the Central Bank itself had in 2008, the end of 2008, told me all the banks were solvent but, in reality, I don't think they had that much detailed knowledge of what was going on in the banks or, indeed, all the expertise they needed to do that. Throughout 2009, they revamped their system as well. By 2010, they were capable of doing a proper PCAR. I don't think they could have done the same PCAR in 2009. I don't think they had the expertise. So I think there is an element of that in what happened.