Mr. Raymond Byrne:

It is entirely a matter for the committee and the Oireachtas to decide how to improve the report. From all the analysis and detailed scrutiny of our reports, including most recently the report on consumer insurance, we have seen that improvements can be made to any of the recommendations the commission makes. Bearing in mind that it was probably one of the most wide-ranging reports and examinations we have carried out and we were conscious we did not have the capacity to decide what ought to be regulatory policy, we examined whether there were gaps in some of the powers that the regulators have. The Central Bank already has the power to revoke a licence. The policy of the bank in a particular situation and the factors that would be taken into account when deciding whether to shut a bank for a short period or to revoke its licence completely are regulatory policy issues which we would not have the capacity to analyse.