Professor Philip Lane:

I will mention some things and then turn to Mr. Sibley again.

One of the things about which we are talking is geographic diversity. This is a small country. The observation, not only from our own experience but also from the crises in Iceland and some of the smaller countries in Eastern Europe, is that the insularity of a small country and the fact that executives and board members are drawn from a fairly small pool create a risk of groupthink and people being afraid to confront one another. A basic element which it is quite possible for small countries to achieve is having outside voices, people who are not connected to the Irish system and have no reason to be particularly bashful in speaking out. That is an obvious element, which is happening to a degree on the boards of banks.