Professor Philip Lane:

It is important to draw a lesson from that, given the scale of the situation now. I do not disagree with Deputy McGrath.

Inferring from what was learned from, say, Bank of Ireland and Permanent TSB about this, as a more general issue, perhaps a more comprehensive approach could have been taken earlier. I will not disagree with that. In terms of scale, our supervisory teams are now much bigger. If one likes, the move across Europe to a proactive, intrusive supervisory model is such that I would hope that, were we confronted with the same situation today as at that point, perhaps a more systemic approach could be taken at an earlier point. I will ask Mr. Sibley to supplement that point.