John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

My final point. On page 13 of your own statement, you state:

For its part, the IMF has acknowledged faults in IMF surveillance ahead of the crisis. For example, the 2012 Article IV staff report said: "Regulators - and the IMF in its surveillance role - failed to issue proper warnings as a vast commercial and residential property bubble inflated and bank assets grew to some 500 percent of GDP".

Firstly, has that process for IMF country reports changed? Secondly, we had Mr. John Beggs, former chief economist with AIB, in before the inquiry and he said the following in relation to IMF and OECD country reports:

There was a lot of influence brought to bear on those reports before the publication by the Irish side. I mean we all met the IMF and the OECD when their missions came to Ireland.